Fintech startup Shubh Loans crosses $15mn loan disbursal in 2018-19
Bengaluru [Karnataka], [India], Apr 25 (ANI): Shubh Loans, India's leading mobile money lending startup, has just closed on a successful financial year and has set its aim right for the FY 2019-20. The company aims to double the loan disbursal by the end of the current financial year and get closer to its goal of bringing over one million people into the formal banking system as part of its mission 2020. Therefore, it's an impressive feat to achieve such growth.
ANI
Apr 25, 2019 14:33 IST
Bengaluru [Karnataka], [India], Apr 25 (ANI): Shubh Loans, India’s leading mobile money lending startup, has just closed on a successful financial year and has set its aim right for the FY 2019-20. The company aims to double the loan disbursal by the end of the current financial year and get closer to its goal of bringing over one million people into the formal banking system as part of its mission 2020. Therefore, it's an impressive feat to achieve such growth.
In terms of business expansion and widening of the customer base, Shubh Loans has been working to reach out to new regions, especially in tier 2 and tier 3 cities. As a part of its strategic expansion plan targeting the SME cluster, Shubh Loans is launching in areas such as Rajkot, Rudrapur, Panchkula, and Sholapur.
"We are building a distribution and risk advantage over others coupled with a unique credit scoring layer. We see ourselves as data whisperers and our philosophy is that no single piece of data is definite but is a piece in a mosaic“, commented Monish Anand, Founder, and CEO, Shubh Loans.
Shubh Loans, the next-gen credit scoring, and the lending platform is bringing digital lending to Tier 2 and Tier 3 cities of India. The Bengaluru based fintech company is already operational in 13 cities and is making a positive difference to the lives of the Next Billion users (households with an annual income between INR 1.4 Lacs and INR 4.5 Lacs).
About Shubh Loans
Based out of Bangalore, Shubh Loans is a vernacular app that is helping a growing number of salaried employees (starting from 12K) in getting a loan of up to 5 Lacs with a long term (upto 4 years) EMI tenure. The smart credit model deviates from the traditional model (where the individual's repayment capacity is the sole criteria) and replaces it with the Shubh Loans credit model (which analyzes repayment capacity of and intention-to-pay by the individual).
In 2018, Shubh Loans raised $4.2 million as Series A led by venture capital firm Saama Capital with the participation of pre-series A investors—SRI Capital, Beenext and Pravega Ventures. Prior to this, the fintech startup had raised $1.6 million in September 2017 and raised an undisclosed amount of angel funding from Sanjai Vohra (former MD of JP Morgan), V. Bunty Bohra (Managing Director and India CEO of Goldman Sachs) and Peeyush Misra (Ex-Partner and MD at Goldman Sachs).
This press release has been provided by Shubh Loans. ANI will not be responsible for any content in ye article’. (ANI)
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