0

Delhi-based FinTech startup Cash Suvidha, trade name of Usha Financial Services Pvt. Ltd., which extends business loans to SMEs, MSMEs, women entrepreneurs & personal loans to individuals, has raised an institutional debt of $2.7 million from various financial institutions since its inception in 2016.

The company provides a variety of loans such as Entrepreneur Loan, SME Loan, and Personal Loan-among others. The funds raised have come from 6 Financial Institutions and will be primarily used to facilitate further lending to Small & Medium Enterprises (SMEs) and Personal Loans, particularly in Delhi NCR, Bangalore, Pune, Hyderabad & Mumbai.

Cash Suvidha receives around 15,000 loan applications per month and has disbursed a total amount of 102 Cr. since its inception. It has developed its own ‘Suvidha Score’ for assessing creditworthiness using social media portals to check educational & professional backgrounds, tracking lifestyle spends, payments behavior, and spending patterns.

Cash Suvidha is driven by information based lending, online application acceptance; best-in-industry interest rate and viability based financing. It disburses loans in 48 hours at 19-28% on reducing balance EMIs. The decisions are taken based on its logarithms of human behavior, the social quotient of the borrower, etc.

Commenting on the same, Mr. Rajesh Gupta, Founder of Cash Suvidha, said, “This working capital infusion will provide propulsion for further accelerating the company’s exciting growth plans. The funds so raised will be used to replenish our loan book and widen our reach across the country. We are confident that our relationship with these institutions will help us in empowering more SMEs by addressing their working capital requirements”

With the increased focus towards a cashless economy, India is undergoing major shifts in this era of increasing digitization. In addition, government’s push for financial inclusion, digitization, and start-up activity has led to the introduction of various policy initiatives which has provided a strong foundation to the FinTech sector in India.

Comments

comments

Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

Bengaluru Startup To Launch India’s First Electric Superbike At 2018 Auto Expo

Previous article

70% Indian Firms will Deploy Artificial Intelligence By 2020: Intel Report

Next article

Comments

Comments

comments

Comments are closed.