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Shubh Loans raises $4.8 million in round led by Omidyar Network India

Monish AnandBangalore-based Datasigns Technologies Private Limited (Shubh Loans), has raised 340 million rupees ($4.8 mn) in a round led by Omidyar Network India, with participation from existing investors, Saama Capital, Beenext, SRI Capital and Pravega Ventures.

The company will use the funds for expanding its customer sourcing platform, augmenting its technology, growing the data science team and credit scoring platform to incorporate next-generation features including “Credit locks” – procedural credit features that promote good client behaviour. The start-up will also grow its on-ground sales team and expand distribution to nearly 40 cities by end of the year, it said.

“Shubh Loans’ partnership with Omidyar Network India speaks of the shared focus that both organizations have towards emerging technology and inclusiveness. The infusion of funding will expand our footprint in India and improve customer experience by augmenting data science capabilities. By providing timely access to loans for an under-served market, we ensure that aspiring Indians are not denied rightful borrowing for their personal needs,” said Monish Anand, Founder & CEO, Shubh Loans.

Shubh Loans provides personal loans to the emerging segment of underserved and new-to-credit borrowers at the lower end of the income spectrum. Through its mobile app, the firm has created a proprietary platform and credit scoring model to rapidly assess and approve a borrower’s creditworthiness, it said in a statement.

Commenting on this investment, Amol Warange, Principal at Omidyar Network said, “Shubh Loans not only provides credit to an underserved market but also leverages technology to promote financial literacy by handholding its customers towards better credit behaviour and financial health. This, in turn, leads to a more meaningful life for its customers. The Shubh Loans founding team brings decades of experience across financial services and technology sectors and is passionate about its mission of financial inclusion. We are excited to partner with Monish, Rahul and the rest of the Shubh Loans team.”

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