[Funding alert] Fintech company Sub-K raises Rs 75 Cr from Denmark's Maj Invest
Sub-K plans to utilise the funds for product innovation and strengthening the IT platform that would help it be a preferred fintech and distribution partner.
BASIX Sub-K iTransactions Limited, a Hyderabad-based fintech company focussed on financial inclusion, has raised Series C round of Rs 75 crore from Maj Invest, a Denmark-based asset management company.
Sub-K plans to utilise the funds for product innovation and strengthening the IT platform that would position the company as a preferred fintech as well as a distribution partner for banks and financial institutions, it said in a statement on Wednesday.
Sasidhar Thumuluri, BASIX Sub-K Managing Director and CEO, said,
"We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to Maj Invest who shares our vision of creating a world class vehicle for catalysing inclusive growth, along with our existing investors, Michael & Susan Dell Foundation, Accion, and Nordic Microfinance Initiative (NMI)."
Sub-K facilitates affordable financial services, including loans, savings and payments to more than three million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent.
David Paradiso, Maj Invest India Managing Director and Partner, said,
"We are highly impressed by what Sub-K has achieved so far in creating real value through an innovative business model. We are excited to work alongside the promoters, co-investors, and management to continue providing top-class financial service while looking to create real social impact in the regions we serve."
Earlier this month, Bengaluru-based fintech startup, FinBox secured an undisclosed amount as part of its pre-Series A funding led by Arali Ventures. The round also saw participation from marquee angel investor Anup Pai, Founder of financial services company, Fintellix.
Last month, another Bengaluru-based fintech company, Groww received $21.4 million as a part of its Series B funding round led by US-based VC firm Ribbit Capital, with participation from existing investors Sequoia India and Y Combinator.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Saheli Sen Gupta)