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The Mumbai-based consumer finance digital platform PaySense raised $ 18 million in a series B roundtable led by the payment gateway company Naspers PayU , according to a statement Friday
The tour also saw the participation of Jungle Ventures of Singapore and Nexus Venture Partners . PayU alone injected $ 11.5 million into the last round of funding, the statement added.
With the latest funding, PaySense plans to strengthen its data analysis and technology team. It is currently a team of more than 90 members comprised of engineers, data specialists, product managers and experts in finance, e-commerce and development. commercial. The startup, which claims to have already reached the monthly disbursement rate of 50 rupees, aims to double it in the coming months.
PayU and Nexus also participated in the $ 5.3 million Series A tour of the startup, which was led by Jungle Ventures. Previously, the startup had raised $ 2.3 million from Nexus Venture Partners and angel investors in 2015.
Founded in 2015 by Prashanth Ranganathan and Sayali Karanjkar, Paysense claims to use advanced data science to provide credit without the complications of complex application processes. , painful physical evidence and a long wait time. The start-up, however, does not lend its own book, and relies on its loan partner India Infoline to process the loans.
"We continue to invest in our technology and our team to deliver an extremely simple, fast and fully digital process to customers, and at the present time it is appropriate to strengthen our relationship with PayU because we share an allied vision to allow more consumers in India to access the digital credit sector The consumer credit market in India is ripe for disruption and this capital will allow us to focus on this huge market potential untapped, "said Ranganathan. loans in the last 12 months. PaySense aims to become the leading provider of risk assessment for more than 160 million Indian households, currently underserved by traditional credit avenues, the statement added.
The latest investment marks PayU's second major investment in the digital space. In February of last year, he led a $ 6.5 million Series A round for Bengaluru-based Chalk Farm Ventures, which runs the ZestMoney consumer loan start-up. PayU claims to support more than 300,000 merchants and millions of consumers making payments online.
Siddhartha Jajodia, Global Head of Credit Operations, PayU, said, "This investment in PaySense is part of an overall goal to strengthen our credit portfolio in India.
Other recent investments in the digital lending industry include America's Creation Investments and Falcon Edge leading a $ 29 million Series C financing round in the SME finance platform OfBusiness. a few days ago. Matrix Partners India led a round of financing for Avail Finance, based in Bengaluru, in March. In addition, the Lendingkart SME Lending Platform raised $ 87 million, led by Fullerton Financial Holdings Pte Ltd. from Singapore in February.
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