The online lending market is on a boom because of the increasing number of investments in this space. The recent development is that a Bengaluru-based digital lending platform Namaste Credit secures $3.8 million funding in Series A round led by Nexus Venture Partners.
In 2014, the fintech startup was launched by Lucas Bianchi, Gaurav Anand and Krishnan Parameswaran. The startup offers business loans, personal loans and home loans. The loan disbursement ranges between Rs.1Lac to Rs.10 Cr. on the term and limit basis. In the past 12 months, the company claims that the loan disbursement has increased ten times with the participation of 30 institutional lenders.
The company plans to use the raised funding to enhance its operations and improve its technology as well as data analytics platform, revealed company statement. It further added that they want to expand its channel partner programme in India and expand its technology licensing partnerships with lenders.
Anand said, "Our technology platform enables lenders to identify potential underwriting issues much faster and also prevent intentional fraud. We provide predictive analytics on banking and financial data of SMEs very efficiently, which helps lenders more accurately assess and price risk.
Last week, in micro-lending space Cash Suvidha startup raised $1 million Pre-Series A round and SmartCoin also secured $2 million worth funding.