RupeeRedee Witnesses 4X Growth in Acquisition, Plans to Disburse 500 Cr in 2021-22

The startup has successfully experienced 3 Million funding growth from Debt & Equity and 251 crores disbursal in 2020-21

RupeeRedee – a technology driven lending platform for the millennials and underserved category of customers, has achieved another milestone with 2 Million funding growth from Debt & Equity & successfully disbursed 251 crore loans in 2020-21. The digital lending platform is moving on its growth trajectory while strengthening its product line, partnerships and presence in the Indian Fintech Market.

RupeeRedee operates under its own Captive NBFC FincFriends Private Limited to facilitate short-term personal loans coupled with digital lending services. It has deployed various forms of underwriting including alternate data sources, not restricting to credit score-based underwriting. In a short span, the digital lending platform has witnessed 4X growth in customer acquisition with 5 million+ app installations and successfully disbursed 1 Million Loans.

Delighted with the company's performance, Mr.Artem Andreev, Country Head, RupeeRedee, FincFriends said, “Considering the growth numbers, we are delighted to be known for offering fintech solutions and products based on customer needs. We have witnessed last year a revolutionary year for RupeeRedee, recording immense growth in the market and looking forward to cementing its market leadership.”

Being present for 4 years in the market, RupeeRedee has disbursed over 1 Million+ loans in the last three years. In addition, it issues over 4000 loans per day and plans to disburse 10,000 loans per day by the end of March 2023.

To accelerate business growth, RupeeRedee emphasised on ensuring cost optimization and overcoming scalability challenges. This has resulted in an avg. growth of the company’s revenue by 3X for captive NBFC FincFriends and 4X for RupeeRedee(MoneyMitra IT Solutions).

Furthermore, to accelerate the development of future offerings, the company announces its plan to double the team size in the next 4 months and have 100 employees by the end of the year. The addition to its existing team will majorly belong to the Engineering, Operations and Marketing department to maintain the company’s internal innovation index, partnership opportunities and new product launches. 

“Finding the best talent in the digital lending market is not easy. However, because of the boost in remote work culture, the industry is looking for fresh talent to steer the future of the digital lending field and hoping for the diverse recruitment for the varied segment ”, he added.

VP-Product, Marketing & Business Mr. Ajay Chaurasia also commented on the growth. “ RupeeRedee has seen immense attraction from customers all across India in last 12 months. We have almost 5 times more online applications compared to the last 3 years. We are now diversifying our product portfolio for our existing and new customers which will allow us to grow further. We are also open to partnerships with more NBFCs to serve more customers. We are looking to raise Debt funding from Banks and NBFC’s to increase our book multifold and target of 5 Million Dollar has been set to raise before March 2023”.

Incepted in 2018, the company has grown multifold that has resulted in the company to book profits for the first time in 3 years. Considering the company’s present business growth, it is considering raising ‘5-10 Million Dollars in Debt Funding or by Issuing bonds’ to impel technological expansions, accelerate sales and marketing efforts and prepare itself for global scale. It is also looking forward to achieve another milestone of 10 million + installations by the next financial year.

FincFriends Raises $1.1 Mn in Third Equity Round to Accelerate Growth in Lending via RupeeRedee

The Gurugram-based NBFC which has a digital lending platform has closed its third round of equity funding from existing stakeholders, Digital Finance International (DFI), a member of Finstar Financial Group headquartered in Cyprus.

FincFriends a digital NBFC while lends via RupeeRedee a leading digital lending platform has recently raised the third round of equity funding with $1.1 million. The equity issuance was supported by existing stakeholder, Digital Finance International (DFI), reinforcing trust in the company. This new funding brings the total raised by the digital lending platform to $ 9.2, which includes its Series B round of $1.1 million in March 2022.

The fresh capital infusion will enable FincFriends & RupeeRedee to embark on an organic growth trajectory by making key investments in current business offerings, expanding its geographical footprint to Tier 2 and 3 cities and strengthening its lending portfolio. The startup will also continue to invest in sales and marketing operations with an aim to extend its commercial reach to broaden its customer base.

Commenting on the fund acquisition, Artem Andreev, Country Head of FincFriends, said, “Over the last few months we have been investing in an innovative product portfolio, enhancing our business operations and processes, building a seasoned leadership team and implementing a customer-first culture to offer state-of-the-art solutions and superlative service to our customers. This investment will enable us to deliver on our promises and enhance our market position. We are very excited for what the future holds for our company, employees, customers, partners and investors.”

“As consumer interest in instant loans accelerates, especially since the global pandemic, it is critical for digital lending platforms to offer financing solutions that meet the evolving customer demands. RupeeRedee’s digital lending platform represents the new generation in consumer lending and enables underserved borrowers to avail instant credit safely and seamlessly from the comfort of their homes. We are excited to be a part of FincFriends & RupeeRedee’s business journey as they unlock the next phase of growth and execute their vision to be a universal lender,” said Dimitry Kislyakov, Digital Finance International (DFI).

Incepted in 2018, RupeeRedee is a new-age consumer financing platform offering instant short-term personal loans to customers digitally. The company envisions to be a “Lender for All” by harnessing cutting-edge technologies and data sciences to make lending safe, quick and frictionless for India’s large populace of underserved and un-bankable customers. The tech-driven startup has an extensive range of offerings which include small ticket-size flexible loans, underwriting and brokerage services along with Phygital, POS and LaaS services.

Delighted with the capital infusion, Ajay Chaurasia, Vice President- Marketing, Product & Business, RupeeRedee, commented, “We are very pleased to have successfully concluded our third round of equity funding. Continued stakeholder interest from DFI and Finstar Financial Group is a testament to RupeeRedee’s strategic vision and the ability to execute it. This funding will expedite collaborations, product upgrades and market expansions to provide instant financing solutions to borrowers across the country, we are also in discussion with Indian Investors for Debt Funding and will soon close around $2 Million.”

RupeeRedee has been actively lending instant personal loans to borrowers in more than 150 cities across the country. The digital lending platform has witnessed a burgeoning demand for instant short-term loans since the coronavirus pandemic, recording more than 1 million visitors on its website and app each month. The tech-driven startup has recently joined IAMAI’s Fintech Convergence Council to strengthen the digital lending ecosystem.

About RupeeRedee

Incepted in 2018, RupeeRedee is a digital lending platform that allows consumers to fulfill their lending needs in simple steps with the help of technology. The app gives you the access to personal loans within a few minutes on your fingertips. It is a tech driven digital lending platform that leverages technology and data sciences to make lending accessible for India’s massive population of underserved customers. With robust KYC and smooth processes it makes the consumer journey hassle free, quick and also safeguard your data.

FincFriends Pvt Ltd Raises $1 Mn in Debt Funding to Increase Its Book via Lending Platform RupeeRedee

The new-age digital lending platform aims to allocate the funds in building books and business scalability.

FincFriends Pvt.Ltd Is NBFC has raised $1 Mn in debt funding from a leading lending NBFC firm - Eclear Leasing & Finance Pvt. Ltd. The company aims to use the debt sanctioned by lenders in tranches for business expansion, growth and effective cashflows.FincFriends has its own App and lending Platform RupeeRedee which is used for lending to customers.

Arjun Passi’s, VP – Strategy and Business Development, Spearheading the Fundraise initiative for the NBFC said “As a strategic decision we have decided to raise more funds through debt to build our books. A “Good Debt” is the need now as equity is the most expensive form of funding. We want to build more credibility in the market by servicing such debt successfully. Good credit history will not only help us get lower ROI debts in the future but also help us create a positive reputation enabling better valuations and market perception”

FincFriends aims to use the debt to build in the loan book further and replace the need for equity infusion at the present stage of business.

On behalf of Eclear Leasing & Finance Pvt. Ltd, Mr. Manoj Bansal, Managing Director said: We are happy to support FincFriendsPvt. ltd in its endeavour in growing its current business. Post doing in-depth due diligence, we were convinced that the organization has a clear vision with a well-rounded team. It has created a strong foundation across key areas such as Risk, customer satisfaction, product, and collections.

With the digitization of the lending process, fintech companies are emphasizing building robust digital infrastructure to identify and manage risks. FincFriendsPvt.Ltd’sRupeeRedee leverages state-of-the-art technologies backed by data sciences to make lending safe, quick and hassle-free for underserved customers. In a short span of time, the company was able to break even in the first year of operations and run a profitable business operation with considerable NetWorth.

Considering the consistency in business growth, the company raised funds from Tier One capital and allocated the funds to build books. It has raised $6 mn from the parent company – DigitalFinance International (DFI) part of the Finstar Financial group.As part of the business plans, the company is aggressively looking to close a funding deal of $5 mn in 2022.