Fintech Startup Cash Suvidha raises $1 million in pre-series A funding
27th, March 2018 - Startup funding
Delhi-based startup FinTech, Cash Suvidha which extends business loans to SMEs, MSMEs, women entrepreneurs & personal loans to individuals, has raised $1 million pre-Series A funding from Initia Holdings Ltd., Vipin Agarwal, Partner in India Industrial Growth Fund and others.
The newly secured capital will be used to increase the loan books of the company and to further strengthen its technological infrastructure. Founded in 2016 by Mr. Rajesh Gupta, Mr. Anoop Garg and Ms. Geeta Goswami, the company provides a variety of loans and funds will be primarily used to facilitate further lending to SMEs and to cater to the loan needs of Individuals, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Cash Suvidha, trade name of Usha Financial Services, has been closely monitoring the business environment and helping potential MSMEs to propel by providing effective financial solutions in no time. The influx of funds will enable Cash Suvidha to replenish its loan books and will allow it to cater to a wider range of SMEs across the country. With its vision to provide easy access to credit and working capital to SMEs, 80% of its loans are targeted towards SME sector in India.
Commenting on the development, Mr. Rajesh Gupta, Founder of Cash Suvidha, said, "This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies. We have recently started our operations in Kota and Jaipur. Our next destination is Ajmer and other parts of Rajasthan. After covering Rajasthan we will move towards Gujarat and other, parts of India."
The Fintech startup receives around 15,000 loan applications per month and disburses loans within two working days. Since its inception the company has raised a total debt of $5.2 million and has successfully disbursed a total amount of 152 Cr. With a successful business model and management, the company has been profitable since the beginning of its operations.
About Cash Suvidha:
Cash Suvidha is a Startup Fintech company, which extends business loans to SMEs, MSMEs, and women entrepreneurs for income generation purpose & personal loans to individuals. Apart from stirring the journeys of budding and longstanding entrepreneurs, Cash Suvidha, also deals with women empowerment on a micro level.
Cash Suvidha aims to fill market gap that's not allowing visionaries in uplifting their dreams towards real touch of business world - establishment or enlargement of a profit-making agency.
Cash Suvidha has efficiently served customers right from the era of cash to emerging cashless economy. Digital banking is an integral part of their operations. Through Cash Suvidha, digital-savvy entrepreneurs can avail financial services seamlessly as they navigate through their progressively digitized lives.
In terms of growth story, Cash Suvidha began its operations in June 2016 after which they have been playing a significant role in empowering people to fulfil their ambitions. Within a short span of one year of its operations, company has tied up with over 14-15 players to expand business across India and has targeted a 5x increase in processing loan applications. In terms of future plans, Cash Suvidha is targeting more tie-ups for business expansion.
Since its inception, Cash Suvidha has disbursed to 35,000+ borrowers and the average ticket size of loan is Rs 20,000- Rs. 5,00,000.
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