The Bengaluru-based Datasigns Technologies has raised $1.5 million in pre-series A funding from SRI Capital, Beenext and Pravega.
Datasigns Technologies is a mobile lending platform that operates Shubh Loans, a vernacular language app that helps users to understand their credit standing by building a proprietary credit score and report for loan applicants.
Using the Shubh Loans app, users can apply for a loan of up to Rs 2 lakh with a maximum tenure of two years. Datasigns has partnerships with multiple banks and NBFCs and helps them in building their loans books.
Founded by Monish Anand, Rahul Sekar, Anand Barua and Tushar Patel, the company had earlier raised an undisclosed amount of angel funding from three major investors- JP Morgan’s former MD Sanjai Vohra, CEO of Goldman Sachs (India)- V Bunty Bohra- and Peeyush Misra, who is a former partner at Goldman Sachs.
“We are proud to back a team, led by Monish Anand. Many massive companies are going to be built in the consumer lending space in India that will finally be able to lend to the next 200 million consumers and Shubh Loans will be one of them”, said Sashi Reddi, founder & managing partner of SRI Capital.
While SRI Capital’s portfolio includes Fab Hotels, Healthify and Yellow Dig among others, Beenext has invested in Droom, Citrus pay, No Broker and Faasos. Similarly, Pravega Ventures has invested in Crofarm that is an agri-tech company and Innovaccer- a big data platform for enterprises.
“We are excited to have these great investors on board. At the same time we are even more determined to stay disciplined and execute our plans well,” said Monish Anand, founder and chief executive officer of Shubh Loans said.
Shubh Loans has set its sight on bringing over 1 million people into the formal banking system as part of its 2020 mission. The firm has a monthly growth rate of 50 per cent and has tied up with over nine lending institutions.
According to Rahul Sekhar, the co-founder and chief data scientist of Shubh Loans, lending business in the country is at an inflection point and the firm plans to focus on creative and responsible use of data to increase financial literacy and credit among people.
Source: Business-Standard 