IndiaLends raises $10m led by London’s ACPI Investment, Ganesh Ventures

Photo: Reuters

Delhi-based consumer lending startup IndiaLends has raised $10 million in a series B round of funding led by London-headquartered asset management firm ACPI Investment Managers and India-focused venture capital firm Ganesh Ventures.

Amex ventures, along with the other existing investors in the company, including DSG Consumer Partners and AdvantEdge Partners, also participated in the latest financing round, which was closed last week, the company said in a statement.

The latest funding round comes a year and a half after IndiaLends raised $4 million in a Series A round of funding led by American Express Ventures, the corporate venture investment arm of American Express Co. The company’s previous funding rounds included an undisclosed amount in pre-Series A stage in July 2015, and a $1 million bridge round in October 2015.

The company has raised an estimated $15 million in disclosed funding since inception.

Started in March 2015 by ex-Capital One duo Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a credit scoring and analytics platform focused on disrupting the fragmented consumer lending market in the country. The company operates an online marketplace that allows consumers to shop for loan products, as well as access credit scores and financial education.

IndiaLends, which competes with the likes of online financial marketplace PaisaBazaar, LendingKart as well as banks, intends to use the funding proceeds to launch new products.

“RBI data on sectoral deployment of bank credit in FY18 reflects the tremendous growth potential of personal loans. We will shortly be launching new products such as an app-based line of credit and point-of-sale loans to meet the needs of our customers,” said Chopra in a statement.

The other Indian startups operating in the online lending space include Capital Float, LenDenClub, Aye Finance, Deal4Loans, and LoanZen among others.

Financial products comparison site Paisabazaar had raised around Rs 200 crore ($31.6 million) from its parent company EtechAces in January. Recently, Info Edge India along with Singapore’s Temasek also announced an investment of $27.6 million in EtechAces.

Aye Finance, a provider of loans to small businesses, last month said that it has raised $21.5 million in its Series C round led by CapitalG, the venture capital fund owned by Alphabet Inc, with participation from SAIF Partners and LGT.  Capital Float, in April, raised $22 million in equity funding from Amazon Inc., taking the total equity funding in the company to $107 million.

Meanwhile, Lendingkart raised over $87 million in equity funding in February led by Singapore’s Fullerton Financial Holdings Pte Ltd, along with participation from existing investors.

 

 

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.