Financial firm MyShubhLife raises Rs 100 cr in Series-B funding from Gojo

The company said it would utilise the funds to further expand its footprint with more corporate and large platform partnerships, invest in technology and enlarge its talent pool

Bengaluru-based MyShubhLife, a full-stack financial services platform, has closed a funding of Rs 100 crore from Gojo & Company (Gojo), a global investment holding company focused on enabling technology-driven financial inclusion across emerging markets. The fresh investment will help MyShubhLife grow its NBFC book and increase disbursements through its co-lending partners.

MyShubhLife said it would utilise the funds to further expand its footprint with more corporate and large platform partnerships, invest in technology and enlarge its talent pool to offer a seamless, financially inclusive programme for the next half billion.

In a joint statement, the founders of MyShubhLife Monish Anand and Rahul Sekar said, “Since inception, we have focused on the first principles of lending, and given risk management due importance. This approach has also helped us in managing our credit losses during the pandemic. In the last 2 years, we have transformed into a full stack loan and savings company for the next half billion. This fundraise is a testimony to our business model as well as our resilience.

“We are excited to work with a visionary social impact-focused investor, passionate about using technology to scale impactful partnerships like Gojo,” they added.

“We are delighted to add MyShubhLife, our group's first digital lending firm, as our ninth partner. MyShubhLife is one of the very few digital lenders in India who truly reach the underserved customer segment through its unique partnership driven 'Phygital' approach,” said Sanjay Gandhi, Co-founder & Chief Investment Officer, Gojo.

“The underwriting and analytics capability they have built for this segment is second to none and we are happy to work with the team to take the next leap in its growth,” he added.

Gojo was represented by Vertices Partners as its legal advisor. Unitus Capital acted as the financial advisor while Saakshya Law acted as legal advisor to MyShubhLife.

MyShubhLife had earlier raised around Rs 115 crore from marquee Seed and Series A investors like Pravega Ventures, SRI Capital, Saama Capital, BeeNext, Omidyar Network, Flourish Ventures and Patamar Capital.