Cash Suvidha, a NBFC and Fintech Company that extends business loans to SMEs & MSMEs and personal loans to individuals raised $2.3 million in debt in the first quarter of FY2019-20. The funds were raised through private placement on Non-convertible Debentures and from various Financial Institutions. During the last financial year, Cash Suvidha raised a total debt of $10.25 million from various financial institutions.
The debt will be used to increase the loan books of the company. Founded in 2016, Cash Suvidha provides a variety of loans and funds will be primarily used to facilitate further lending to SMEs & MSMEs and to cater to the loan needs of Individuals, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Commenting on the development, Geeta Goswami, Co-founder, Cash Suvidha, says, “We are expanding the horizon of financial inclusion for SMEs and MSMEs in India. Cash Suvidha’s financial performance has been strong since inception and we are glad to have significantly captured the market in just 3 years. This capital infusion will allow us to further accelerate our fast-growing lending platform and enhance our ability to provide the best terms to borrowers that do not have an established credit history.”
SME & MSME loans are one of the most sought-after categories of loans at Cash Suvidha. The key challenge witnessed by them is to obtain credit from the bank owing to a number of reasons. This has been predominantly addressed by Cash Suvidha with the successful disbursement of 70-75%per cent of the total loans to SMEs & MSMEs. Cash Suvidha provides loans with a ticket size of INR 50,000- 5, 00,000 for SMEs and 15,000- 50,000 for MSMEs.
The company is known for its quick digital processing, easy lending services and disbursing loans within three working days. Cash Suvidha is able to determine the best leads for credit and match them with the perfect kind of product.
Cash Suvidha, the trade name of Usha Financial services, extends business loans to SMEs, MSMEs, women entrepreneurs for income generation purpose & personal loans to individuals. Apart from stirring the journeys of budding and longstanding entrepreneurs, Cash Suvidha, also deals with women empowerment on a micro level.
Cash Suvidha aims to fill the market gap that’s not allowing visionaries in uplifting their dreams towards real touch of business world – establishment or enlargement of a profit-making entity.
Cash Suvidha has efficiently served customers right from the era of cash to emerging cashless economy. Digital banking is an integral part of their operations. Through Cash Suvidha, digital-savvy entrepreneurs can avail financial services seamlessly as they navigate through their progressively digitized lives.
In terms of growth story, Cash Suvidha began its operations in May 2016 after which they have been playing a significant role in empowering people to fulfil their ambitions. Within a short span of one year of its operations, the company has tied up with over 25-30 players to expand business across India and has targeted a 4x increase in processing loan applications. In terms of future plans, Cash Suvidha is targeting more tie-ups for business expansion.
Since its inception, Cash Suvidha has disbursed to 49,000+SMEs & MSMEs borrowers and the ticket size of loan is Rs 15,000- Rs. 5,00,000.