CASHe raises 1.4b in Equity Funding from TSLC
By Leandra Monteiro
CASHe, India’s credit led, AI-driven financial wellness platform, announced that it has closed 1.4 billion of equity funding from its Singapore-based holding company TSLC Pte Ltd. The latest round of capital infusion strengthens the Mumbai headquartered fintech company’s balance sheet size to over INR 8 billion which constitutes about INR 3 billion in equity and over INR 5 billion raised through debt from a well-diversified pool of leading private banks and reputed NBFCs.
With this fresh capital, the company will continue to boost its profitability, enhance its existing product lines such as personal loans, BNPL, Credit Line and embedded card business. It aims to launch new offerings in WealthTech and ramp up its investments in operations, product development, data sciences, and technology. It strives to double its team strength across domains to manage future growth seamlessly. It also seeks to expand its loan book to INR 30 billion and upscale its user-base to 1 million in FY 2022-23.
In achieving its expansion goals, the company has strengthened its leadership through strategic C-suite appointments. It is eyeing fresh hires in technology, product, marketing, and customer support to help it expand its foothold across the country, thereby fortifying its vision of building a full-stack credit-led financial wellness platform.
Raman Kumar, Founder Chairman of CASHe said, “Achieving the Vision 3.0 is the next frontier for our growth and opportunity. We have set our goals to become a full-stack, credit led financial wellness platform of choice for the millennial and Gen Z cohort. The new capital infusion reflects a meaningful maturity level of CASHe’s balance sheet, profitability and business model”
Joginder Rana, Vice Chairman & MD, CASHe said, “CASHe is now poised to enter the next phase of its growth journey. In the last few years, CASHe has demonstrated that it is ready to seize every opportunity, even during the two waves of Covid. It continues to forge ahead through its strong accelerating momentum predicated on the strength of its technology, business analytics, people and processes. The latest capital infusion in the company will enable us to disburse to the tune of Rs 3,000 Cr for the FY 22-23 – that would be twice as much as we would have disbursed by the end of FY 21-22. It also provides us with the required resources to fuel and accelerates our investments in technology and people to enable us to launch innovative financial products to our customers.”