Mumbai-based financial technology startup DigiLend raised ₹2 crores (almost ~ $311,939) from two NBFCs, filing with the Registrar of Companies shows, as reported by VCCircle. The investors include InCred Finance and Temasek-owned Fullerton India Credit Company Ltd, both Mumbai based non-banking financial firms.
Hemang Dattani, chief executive officer of DigiLend has confirmed the investment made by the NBFCs. The funds will be used to steer the development of the products in the personal loans segment, the Hemang said.
InCred has acquired peer-to-peer lending platform Instapaisa after investing in the startup last year. The firm has invested in several fin-tech startups and picked up 10-15 percent stake, founder Bhupinder Singh said in an interaction with VCCircle.
DigiLend provides individuals unsecured personal loans for education, holidays, wedding, travel, debt consolidation, emergency needs and home improvements. A sum of ₹5 lakhs can be availed as maximum credit for a period of six to 36 months with interest rate between 12-30 percent.
The startup works as LaaS (Lending as a Service) model providing an end-to-end solution including customer acquisition, credit evaluation, risk analytics, a customer on boarding, loan management post booking and collections. The firm has partnered up with several banks in India and with some NBFCs.
A recent VCCircle analysis showed that 25 fin-tech startups had raised funding in 2017 alone. This proves that the fin-tech industry in India is booming. With major players like Paytm, ZestMoney and Paysense, the total amount poured into these 25 startups stand to be around $1.5 billion.
