Online SME lender Cash Suvidha plans to raise upto $10 million

Rajesh Gupta

Rajesh Gupta, Founder, Cash Suvidha

The online lender for business and personal loans, Cash Suvidha, is planning to raise $5 million -$10 million equity funds in the next six months.

Founded in 2016, Cash Suvidha is the trade name under which NBFC Usha Financial Services extends business loans to SMEs and MSMEs and personal loans to individuals particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan. It also deals with women empowerment on a micro level.

The New Delhi-NCR based company had raised about $1 million in March 2018 to expand its loan disbursal capabilities to the entrepreneurs and individuals. The new funding will help the company expand its operations, increase its loan books and to further strengthen its technological infrastructure, the company said in a statement. The company has also raised a total of $10.5 million in debt funding so far.

Rajesh Gupta, founder of Cash Suvidha said, “We are one of the fastest-growing NBFC and FinTech companies. Within a short time, we have tied up with over 25 players to expand business across India and are targeting a 4x increase in terms of growth this year. This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies.”

Cash Suvidha works towards ensuring the availability of credit for MSMEs that either do not have access to credit or are capital deficient currently. The company is known for its quick digital processing, easy lending services and disbursing loans within three working days.

The company uses technology to determine the best leads for credit and match them with the perfect kind of product. Since its inception, the company has disbursed loans to over 49,000 SMEs and MSMEs. Its average loan ticket size is INR 15,000- INR 500,000.

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