India’s RupeeRedee raises $6m from Digital Finance International

Photo: Reuters

India-based digital lending platform RupeeRedee has raised $6 million from its parent company, Russia’s Digital Finance International, a member of Finstar Financial Group, according to an announcement.

The company said that it raised the funds from Digital Finance International over a period of time. RupeeRedee extends loans through its partner institutions and has a digital NBFC as a group entity as well.

The capital raised will be used to enhance its technology and backend processes to better evaluate new borrowers, thereby expanding its lending operations.

Gurugram-based RupeeRedee, which launched its operations in 2018, is a new-age digital lending platform that leverages state-of-the-art technology and data sciences to make lending safe, quick and hassle-free for India’s underserved customers.

The company claims it is now attracting over 1 million visitors per month through its website and mobile app from across 25 cities in India. It is processing over 10,000 loans per month.

“We are witnessing tremendous response to our products and are committed to using our investments to further bolster our commitment towards helping the credit under-served population in India achieve financial freedom.” said Jitin Bhasin, Managing Director, RupeeRedee.

In May, digital lending startup Happy had raised $20 million in a fresh round of funding from a clutch of strategic investors in India and the US, and financing lines from institutions including DMI Finance.

Meanwhile, lending start-up Ftcash raised ₹50 crore in a Series A round led by two new investors — Dutch development finance institution FMO, and Accion International, a US-based non-profit investor focused on fintech startups.

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.