Namaste Credit, a digital marketplace for SME loans, has raised USD 3.8 million (about Rs 24.70 crore) from Nexus Venture Partners.
The company will use the series A funds to grow its geographic footprint, enhance technology and data analytics platform and further scale its businesses, a statement today said.
Namaste Credit also plans to significantly increase its channel partner program across India and further expand its technology licensing partnerships with leading lenders globally, the statement added.
Namaste Credit was co-founded in 2014 by Lucas Bianchi, Gaurav Anand and Krishnan Parameswaran. Over the last 12 months, disbursement volumes through Namaste Credit's platform have increased over 10X with participation of over 30 institutional lenders.
"Our technology platform enables lenders to identify potential underwriting issues much faster and also prevent intentional fraud. We provide predictive analytics on banking and financial data of SMEs very efficiently, which helps lenders more accurately assess and price risk," Anand said.
Sunstone Capital, run by ex-McKinsey and Bank of America professionals, acted as the exclusive financial adviser for this transaction.
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