Datasigns Technologies, which operates mobile lending platform Shubh Loans, has raised $1.5m in pre-series A funding from SRI Capital, Beenext and Pravega.Â
The Shubh Loans app enables users to apply for a loan of up to RS 200,000 ($3118) with a maximum tenure of two years. The app is also said to help users understand their credit score.
Datasigns partnered with multiple banks and NBFCs to help build their loan books.
The company had previously raised an undisclosed amount from former JP Morgan managing director Sanjai Vohra, Goldman Sachs CEO V Bunty Bohra and ex-Goldman Sachs partner Peeyush Misra.
Shubh Loans aims to bring over one million people into the formal banking system. The firm has a monthly growth rate of 50 per cent and has tied up over nine lending institutions.
Beenext has previously invested in the sector with Citrus Pay, an Indian payment gateway.
Copyright FinTech Global 2017