IndiaLends.com, a New Delhi, India-based financial services startup, raised $4m in Series A funding.
Backers included American Express Ventures, Cyber Carrier VC, DSG Consumer Partners, and AdvantEdge Partners.
The company intends to use the funds to continue to develop the platform, in particulat, its credit underwriting and analytics capabilities, launch products dedicated to consumers and expand its presence nationwide.
Co-founded by Gaurav Chopra and Mayank Kachhwaha, IndiaLends provides a credit underwriting and analytics platform for people to get access to organized credit. It uses a proprietary algorithm that aggregates information from a large number of data sources like the credit bureau, the application form, social networks, etc.
The company’s online marketplace connects consumers (salaried and self-employed individuals) looking for low rate loans with institutional lenders looking for high risk-adjusted returns. Indialends features a quick online application process, with information secure, no collateral or security required and short disbursal times.