Fintech startup CASHe has closed Rs 140 crore (around $18.7 million) of equity funding from its Singapore-based holding company TSLC Pte Ltd, which is the owner of all intellectual property and technology of CASHe and controls CASHe’s India operations.
CASHe said the latest capital infusion ramps up company’s balance sheet to over Rs 800 crore, which comprises about Rs 300 crore in equity and over Rs 500 crore raised through debt from private banks and non-banking financial companies (NBFCs).
With this fresh capital, the Mumbai headquartered fintech firm said it will be revving up its profits and boost its product portfolio. It also aims to roll out new offerings in wealth tech and bolster investments across operations, product development, data sciences and technology.
“Achieving the Vision 3.0 is the next frontier for our growth and opportunity. We have set our goals to become a full-stack, credit led financial wellness platform of choice for the millennial and Gen Z cohort. The new capital infusion reflects a meaningful maturity level of CASHe’s balance sheet, profitability and business model,” said V. Raman Kumar, Founder Chairman of CASHe.
Operated by Aeries Financial Technologies Pvt. Ltd, CASHe is a personal loan app and digital lending platform targeting millennials and Gen Z in India. Besides personal loans, it provides “buy now, pay later” products to salaried individuals through an app and a proprietary underwriting algorithm based on alternate data.
In the last four years since its launch, CASHe claims to have over 15 million registered users and has disbursed over Rs 3,000 crore to over 4 lakh active customers.
The company has disbursed over Rs 1,000 crore worth of loans in nine months of this fiscal year and aims to disburse more than Rs 1,400 crore by end of March 2022.
It eyes expansion of its loan book to Rs 3,000 crore and add up to one million customers from the current four lakh in the fiscal year 2022-23. The company also plans fresh hiring in technology, product, marketing and customer support, the company said.
Founded by entrepreneur and investor Kumar in 2016, CASHe is a credit-led, non-bank, mobile-first financial wellness platform, focused on financial inclusion to under-served digital customers in India.
Few weeks ago in December, CASHe had appointed veteran banker Joginder Rana as the Vice-Chairman & Managing Director, Dhruv Jain as Chief Executive Officer, while incumbent Chief Technology Officer Yashoraj Tyagi, was designated as the company’s first Chief Business Officer.
Last year, CASHe received undisclosed growth capital from venture debt firm BlackSoil Capital.
In 2017, CASHe had raised Rs 20 crore (around $3 million) in debt funding from IFMR Capital. Previously, it has also received funding from alternate asset manager Florintree Advisors, which is owned by former Blackstone India head Mathew Cyriac.
In a similar space, recently, Singapore-based venture capital fund Beenext invested in the fintech start-ups Mewt and 42 Cards. Last month, fintech start-ups Tyke and Minko also raised equity capital.