Delhi based online lending platform Stashfin raises $5 Mn in pre-series A funding. The investors who participated in this round include Snow Leopard Ventures, Alto Partners and GrowX Ventures.
Several other individual investors such as Managing Partners at executive search firm Positive Moves, Vibhav Dhawan and Praveen Malhotra; Avendus Capital founder Ranu Vora; Trafigura CEO Raoul Bajaj; and senior executives from global investment firm KKR also participated in the round.
“Due to the under-penetration of technology and credit in the financial services sector in India, fin-tech represents an attractive area for investment as it lies at the intersection of a large addressable market size and increasing digital penetration,” Stashfin co-founder Tushar Aggarwal said.
Stashfin was founded in late 2016 by Tushar Aggarwal. Aggarwal has previously worked with Goldman Sachs, Lehman Brothers, private equity firm General Atlantic and Everstone Capital in New York. He holds an MBA from The Wharton School and is also a chartered financial analyst.
Stashfin is a machine learning-driven digital lending venture that provides a virtual credit facility to consumers. Users can avail a loan from INR 10,000 to INR 2 Lakhs by applying online platform. The credit can be availed for a period of 2 – 18 months by User needs to provide personal, professional and banking details. The interest rates varies from 11.99% to 59.99% APR.
Fintech market in India is expected to be $2.4 Bn by 2020. There is lot more innovation coming up in this sector, witnessed significant traction from investors. Earlier this month, fintech startup Kissht raised $2 Mn from Hyderabad-based early-stage venture capital firm Endiya Partners and Ventureast. This was followed by another Mumbai-based fintech startup LoanTap raising $4 Mn Series B funding.