No-code platform-as-a-service (PaaS) provider WonderLend Hubs on Wednesday said it has raised seed funding of $1.6 million (around Rs 12.48 crore) from Gurugram-based Inflection Point Ventures.
WonderLend plans to use the fresh capital to boost sales and marketing and also to grow the business on scale.
Founded by Ram Ramdas and Rajesh Iyer in 2016, WonderLend Hubs enables digital transformation for small and medium sized lenders. The company helps them to deliver real-time loan processing.
“At Wonderlend Hubs, we are driven by the vision that true democratization of technology can happen only by putting the power of technology in the hands of the ‘business user’, free from the constraints of how it has been deployed historically. We, therefore, embraced no-code combined with a micro-service architecture as our way to move the dial in our chosen domains, much before it became part of mainstream conversation,” said Ramdas.
“We see Wonderlend Hubs as a unique opportunity that is larger than the sum of its parts. Their platform and delivery capabilities have already helped them to cater to clients in India and overseas, which clearly indicates their potential to grow at scale,” said Ankur Mittal, co-founder, Inflection Point.
Launched by Vinay Bansal, Ankur Mittal and Mitesh Shah, Inflection Point Ventures (IPV) is a firm that backs early-stage startups. It had exited 13 portfolio companies to give its investors an internal return rate of 190%.
The digital lending industry in India is expected to treble to $350 billion by 2023, according to estimates by Boston Consulting Group.
In October last, RevFin Services Pvt. Ltd, a digital lending startup focused on e-mobility, has raised $4 million as part of its pre-Series A funding in equity and debt.
