RupeeRedee NBFC FincFriends closes $7.8M funding round with a mix of equity and debt
The funding includes $2 million in equity, $2.8 million in external borrowing, and $3 million in debt from InCred Finance and Grow Money Capital.
FincFriends, the non-banking financial company (NBFC) of the digital lending platform , has closed its latest funding round with an investment of $7.8 million
The funding includes $2 million in equity, $2.8 million in external borrowing, and $3 million in debt from InCred Finance and Grow Money Capital.
The recent capital raised will be allocated towards the company’s growth to accelerate the expansion of its current product offerings and simultaneously scale operations.
"We’re elated to secure significant equity, ECB, and debt funding, which demonstrates the confidence and trust that our shareholders have showcased in our vision and commitment to build a financially inclusive lending ecosystem. As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike," Roman Aznabaev, CEO of RupeeRedee said.
Currently, the company offers digital loans ranging from Rs 2000 to Rs 30,000 with an average ticket size of Rs 11,000, with the addition funding the company will add products with loans up to Rs 1,50,000 vice president, Ajay Chaurasia told Yourstory. The funding will also help the company increase its team size from about 140 employees to an additional 70-100 employees by the next financial year Chaurasia added.
"InCred's collaboration with FincFriends underscores our dedication to offering customized liquidity solutions for businesses, fostering financial inclusion, and empowering communities. Through this partnership, we actively support FincFriends' mission of delivering socially responsible funding to underserved populations in India. Together, we are committed to shaping a more financially inclusive future," said Mohit Gandhi, Head - Financial Institution Lending - InCred Finance.
Last July, Bengaluru-based FincFriends raised $3.5 million in an equity round from existing shareholder Digital Finance International, headquartered in Cyprus. The total amount raised by the digital lending platform last year, stood at $11.6 million in equity and $1.3 million in debt.
Established in 2018, Gurugram-based RupeeRedee, along with its NBFC FincFriends provides instant short-term personal digital loans. It has over 1 crore downloads on the Google PlayStore and said it has disbursed Rs 1000 crore in digital loans.
Edited by Affirunisa Kankudti