DigiLend, a fin-tech startup based out of Mumbai, has raised Rs 2 crore in its new funding round from two non-banking financial services companies. This was revealed via company’s filings with the Registrar of Companies.
The filing shows that the startup has raised funding from Mumbai-based InCred Finance and Temasek-owned Fullerton India Credit Company Ltd. Founder and chief executive of the start-up Hemang Dattani has confirmed the new funding.
DigiLend will now be using the newly infused funds to pilot its product in the personal loan segment. The company provides personal loans up to Rs 5 lakh with an annual interest ranging from 12-30% and for a period of 6 to 36 months.
While the company was founded last year, it began lending operations in April this year. DigiLend operates on a ‘lending-as-a-service’ (LAAS) model and claims to provide an end-to-end solution that includes customer acquisition, credit evaluation, risk analytics, a customer on boarding, loan management post booking and collections.
The startup enables individuals to avail of unsecured personal loans for education, travel, holidays, wedding, home improvement, debt consolidation, emergency needs, etc.
The fin-tech space in India has garnered much traction with many players in payments, lending, insurance and personal finance. As per the report, around 25 fin-tech startups have raised funding in this year so far.
InCred, which invested in DigiLend, has acquired peer-to-peer lending platform Instapaisa after investing in the startup last year. The firm has also invested in several fin-tech startups for around 10-15 percent stake, said founder Bhupinder Singh.