Angel investors Chennai Angels have invested an "undisclosed sum" in financial services startup Finance Buddha as part of the latter's ramping up plans.
Finance Buddha aims to disburse more than Rs 1,000 crore loans during the current financial year. It has presence in 12 locations.
"There have been many startups in the Fintech (financial technology) space, but what excites me about FinBud is the quality and thinking of the entrepreneurs, which is informed by their extra-ordinary domain competence and fantastic execution skills," The Chennai Angels' representative Shankar, who led the investments in Finance Buddha, said in a statement.
According to Finance Buddha, the "Pre Series A round of funding will be used to further develop technological platform which will be integrated with various stakeholders in loan origination, underwriting and disbursal process."
"This is our first round of external funding and we are happy to have Chennai Angels as an investor," a Finance Buddha spokesperson said.