New Delhi, 23 July 2019: Cash Suvidha, India’s fastest growing NBFC and Fintech Company that extends business loans to SMEs & MSMEs and personal loans to individuals raised $2.3 million in debt in the first quarter of FY2019-20. The funds were raised through private placement on Non-convertible Debentures and from various Financial Institutions. During the last financial year, Cash Suvidha raised a total debt of $10.25 million from various financial institutions.
The debt will be used to increase the loan books of the company. Founded in 2016, Cash Suvidha provides a variety of loans and funds will be primarily used to facilitate further lending to SMEs & MSMEs and to cater to the loan needs of Individuals, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Commenting on the development, Geeta Goswami, Co-founder, Cash Suvidha, says, “We are expanding the horizon of financial inclusion for SMEs and MSMEs in India. Cash Suvidha’s financial performance has been strong since inception and we are glad to have significantly captured the market in just 3 years. This capital infusion will allow us to further accelerate our fast-growing lending platform and enhance our ability to provide the best terms to borrowers that do not have an established credit history.”
SME & MSME loans are one of the most sought-after categories of loans at Cash Suvidha. The key challenge witnessed by them is to obtain credit from the bank owing to a number of reasons. This has been predominantly addressed by Cash Suvidha with the successful disbursement of 70-75%per cent of the total loans to SMEs & MSMEs. Cash Suvidha provides loans with a ticket size of INR 50,000- 5, 00,000 for SMEs and 15,000- 50,000 for MSMEs.
The company is known for its quick digital processing, easy lending services and disbursing loans within three working days. Cash Suvidha is able to determine the best leads for credit and match them with the perfect kind of product.