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Digital lender Cash Suvidha raises $2.3 million debt for SME financing

Image result for cash suvidha geeta

Geeta Goswami, Co-founder, Cash Suvidha

Cash Suvidha, an Indian NBFC and FinTech company extending business loans to MSMEs and personal loans to individuals, has raised USD 2.3 million in debt in the first quarter of FY2019-20. With this, the total amount of debt raised during the last financial year (April to March) stands at $10.25 million.

The funds were raised through private placement on non-convertible debentures (NCDs) and from various financial institutions, the company said in a statement adding that the amount would be used to increase the loan book of the company.

Founded in 2016, Cash Suvidha provides a variety of loans and funds will be primarily used to facilitate further lending to SMEs and MSMEs, and to cater to the loan needs of Individuals across India, especially in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.

Co-founder of Cash Suvidha, Geeta Goswami said, “We are expanding the horizon of financial inclusion for SMEs and MSMEs in India. Cash Suvidha’s financial performance has been strong since inception and we have significantly captured the market in just 3 years. This capital infusion will allow us to further accelerate our fast-growing lending platform and enhance our ability to provide the best terms to borrowers that do not have an established credit history.”

The company through quick digital processing, disbursing loans within three working days

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