Delhi-based FinTech startup Cash Suvidha raised USD 1 million pre-Series A funding from Initia Holdings Ltd., Vipin Agarwal, Partner in India Industrial Growth Fund and others.
The newly-secured capital will be used to increase the loan books of the company and further strengthen its technological infrastructure.
The company funds will also be used to facilitate further lending to SMEs and to cater to the loan needs of Individuals, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Cash Suvidha, trade name of Usha Financial Services, has been closely monitoring the business environment and helping potential MSMEs to propel by providing effective financial solutions in no time. The influx of funds will enable Cash Suvidha to replenish its loan books and will allow it to cater to a wider range of SMEs across the country.
With its vision to provide easy access to credit and working capital to SMEs, 80 percent of its loans are targeted towards SME sector in India.
"This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies. We have recently started our operations in Kota and Jaipur. Our next destination is Ajmer and other parts of Rajasthan. After covering Rajasthan we will move towards Gujarat and other, parts of India," said founder Cash Suvidha, Rajesh Gupta.
The FinTech startup receives around 15,000 loan applications per month and disburses loans within two working days. Since its inception, the company has raised a total debt of USD 5.2 million and has successfully disbursed a total amount of Rs. 152 crore.