IndiaLends raises $10m Series B round
IndiaLends, a New Delhi-based financial technology company focused on credit and analytics services, has raised $10 million in Series B funding from India-focused Ganesh Ventures and UK-based ACPI Investment Managers.
Other participants included DSG Consumer Partners and AdvantEdge Partners, as well as American Express Ventures, the corporate VC arm of credit card company American Express. It follows a $4 million round in 2016 from American Express Ventures, DSG, AdvantEdge, and Cyber Carrier.
“Price comparison platforms have enjoyed success as a consumer-driven product offering with a number of strong players in the US, Europe and Southeast Asia,” Alok Oberoi, a partner at ACPI, said, according to The Economic Times. “India is set to enter a phase of rapid retail credit expansion; IndiaLends is perfectly positioned to capitalize on this growth.”
Founded in 2015, IndiaLends operates a credit underwriting and analytics platform that connects borrowers with financial institutions that are matched according to credit profile. The service is available on both desktop and mobile and is said to leverage partnerships with more than 50 banks and non-banking financial institutions.
India is experiencing a surge in fintech investment as companies and individual consumers transition to cashless, online transaction methods. Recent activity in the loans segment includes a $47 million funding round for Mumbai-based NewGrowth Credit from LeapFrog Investments, Aspada Investment, and Quona Capital.
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