Online lending startup PayMe India raises $2 M from Singapore-based angel investors

Founded in 2016, the Noida-based firm offers lending support to corporate individuals (salaried employees) on short-term as well as long-term basis.

Noida-based fintech startup PayMe India announced on Thursday that it has raised $2 million from Singapore-based Angel investors. In a statement, the firm said that the investment round includes the line of credit from multiple NBFCs and fresh cash in the equity round.

Founded in 2016, the Noida-based firm offers lending support to corporate individuals (salaried employees) on short-term as well as long-term basis. The company claims to offer loans at reasonable rates of interest and approve loans within minutes.

Founded by Mahesh Shukla and Sandeep Singh, PayMe India is adapting to high-tech machine learning and artificial intelligence for making the massive disbursal and evaluation processes easy to manage.

Mahesh Shukla, Founder of PayMe India, said, “We have the right blend of business and technical expertise and we are self-sufficient in meeting the demands of the business, which is growing by leaps and bounds. Our operational procedure is very much technical-intensive and where hybrid technology plays the key role to build our mobile app; the one single app supports Android as well as iOS listings. This funding round will help us to foster both capacity and market expansion for PayMe India.”

Rishi Bhasin, Associate Director at Darashaw and Company, and an active angel investor, said, “India is on the verge of a financial revolution and I am very excited to be a part of PayMe’s journey towards financial inclusion and independence for millions of unbanked professionals. Mahesh and his team have leveraged technology creating a platform aptly suited for the GenX professionals.”