India: Fintech startup PaySense raises $5.3m led by Jungle Ventures

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Fintech startup PaySense has raised $5.3 million in a Series A round led by Jungle Ventures with participation from Naspers Group and Nexus Venture Partners

The Mumbai-based startup, which runs a digital credit platform, had earlier raised $2.3 million from Nexus Venture Partners and angel investors in 2015.

PaySense plans to use the new funds to invest in its technology and to expand its team and the reach of its operations. At present, PaySense is available in 9 major cities including Mumbai, Delhi NCR, Bangalore and Chennai with expansion plans to go pan-India soon.

The company claims to have 180,000 users and has disbursed loans worth Rs 30 crore in partnership with a non-banking financial company.

This marks Singapore-based Jungle Venture’s first investment in the Indian consumer lending space.

“We have patiently been looking at this space in India and feel very excited to eventually partner with the PaySense team and other investors. There are going to be a few mega companies being formed in this space and the PaySense team has demonstrated great understanding and traction on various aspects required to become a category leader here,” said Amit Anand, Founder and Managing Partner, Jungle Ventures.

Fintech has become one of the most sought after sectors by investors.  Last month, Ahmedabad-based Lendingkart raised $4.6 million from Anicut Capital LLP. Also in April, another lending firm Capital Float raised $2.3 million from Mahindra & Mahindra Financial Services.

In March, Mumbai-based SME and consumer lending platform InCred Finance raised Rs 25 crore from private equity firm Paragon Partners.

Also Read:

India: Lendingkart raises $4.6m in debt from Anicut Capital

India: Capital Float raises $2.5m from IFMR, AdStringO to get $5m

India: PE fund Paragon Partners invests $15m in 2 companies

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.