New Delhi, December 15, 2017: Delhi-based startup FinTech, Cash Suvidha, trade name of Usha Financial Services Pvt. Ltd., which extends business loans to SMEs, MSMEs, women entrepreneurs & personal loans to individuals, has raised an institutional debt of $2.7 million from various financial institutions since its inception in 2016.
The company provides a variety of loans such as Entrepreneur Loan, SME Loan, and Personal Loan-among others. The funds raised have come from 6 Financial Institutions and will be primarily used to facilitate further lending to Small & Medium Enterprises (SMEs) and Personal Loans, particularly in Delhi NCR, Bangalore, Pune, Hyderabad & Mumbai.
Cash Suvidha receives around 15,000 loan applications per month and has disbursed a total amount of 102 Cr. since its inception. It has developed its own ‘Suvidha Score’ for assessing creditworthiness using social media portals to check educational & professional backgrounds, tracking lifestyle spends, payments behavior, and spending patterns.
Cash Suvidha is driven by information based lending, online application acceptance; best-in-industry interest rate and viability based financing. It disburses loans in 48 hours at 19-28% on reducing balance EMIs. The decisions are taken based on its logarithms of human behavior, the social quotient of the borrower, etc.
Commenting on the same, Mr. Rajesh Gupta, Founder of Cash Suvidha, said, “This working capital infusion will provide propulsion for further accelerating the company’s exciting growth plans. The funds so raised will be used to replenish our loan book and widen our reach across the country. We are confident that our relationship with these institutions will help us in empowering more SMEs by addressing their working capital requirements”
With the increased focus towards a cashless economy, India is undergoing major shifts in this era of increasing digitization. In addition, government’s push for financial inclusion, digitization, and start-up activity has led to the introduction of various policy initiatives which has provided a strong foundation to the FinTech sector in India.
About Cash Suvidha:
Cash Suvidha is a Startup Fintech company, which extends business loans to SMEs, MSMEs, and women entrepreneurs & 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 the market gap that’s not allowing the visionaries in uplifting their dreams towards the real touch of the business world – the establishment or enlargement of a profit-making agency.
The company is known for its quick digital processing, easy lending services, and processing within 48 hours of receiving all the documents. Cash Suvidha has efficiently served customers right from the era of cash to the emerging cashless economy. Digital banking is an integral part of their operations. Through Cash Suvidha, digitally-savvy entrepreneurs can avail financial services seamlessly as they navigate through their progressively digitized lives.
In terms of the growth story, Cash Suvidha began its operations in June 2016 after which they have been playing a significant role in empowering people to fulfill their ambitions. Within a short span of one year of its operations, the 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 the future plans, Cash Suvidha is targeting towards more tie-ups and business expansion.
Since its inception, Cash Suvidha has disbursed to 27,000+ borrowers and it has an average loan size of Approx Rs. 50,000.