Paisagrowth, an assisted fintech startup, raised $250,000 (around Rs 1.8 crore) in a seed funding round from startup accelerator GSF, Dinesh Agarwal and Dinesh Gulati, CEO and COO of IndiaMart, Pras Hanuma, CEO of Infoquest, the company said in a statement.
The startup said that it will use the funds to strengthen its product base and scale up its operations.
Operated by Finlead Financial Advisory Pvt Ltd, the startup was founded in 2020 by Anurag Tiwari, a former Business Development Manager at Loansimple, Aabhas Tripathi, former Senior Strategy Executive at Fitso, and Abhishek Sharma, former Vice President, Engineering at Loansimple.
Paisagrowth is a loan origination, screening, and decision automation software designed for local financial advisers in India, to help borrowers obtain formal credit, the statement said.
Bajaj Finserv, Fullerton, Indifi, and Lendingkart are among the 14 lending partners on Paisagrowth's platform that offer personal, small and mid-size enterprises (SME) loans.
“We have had a great journey thus far in understanding the industry pain points and addressing them by building a platform that works to the advantage of all three stakeholders of the digital lending ecosystem: borrowers, lenders and financial advisors. With this round of investment, we will be taking our product to the next level and onboard more lenders and financial advisors on our platform,” Aabhas Tripathi said.
For financial advisors, Paisagrowth provides a recommendation engine, allowing them to locate the best lenders for a borrower without investigation. For lending partners, it aids in the filtering and matching of borrowers' data points, providing lenders with completed applications that they can qualify and roll out a loan offer to, the statement said.
In a similar deal, on 8 December, Rupifi Technologies Pvt. Ltd, which offers embedded lending solutions to business-to-business (B2B) marketplaces, raised venture debt from Trifecta Capital.