Financing Platform CASHe Secures INR 140 Crore from TSLC Pte Ltd.
AI - based financing platform CASHe secured INR 140 crore ($18.7 million) in equity capital from Singapore-based holding firm TSLC Pte Ltd.
CASHe, founded in 2016 by V. Raman Kumar, is a non-bank, mobile-first personal loan company that promises to assist the country's neglected digital clients. Its goal is to make credit more accessible to millenials.
It makes loans ranging from INR 1,000 to INR 3, 00,000 with an APR (annual percentage rate) of more than 30.42% with a minimum payback term of three months and a maximum repayment term of 12 months. It also appears to impose a 3% processing fee.
However, its Google Play Store application listing has gotten several unfavourable reviews from consumers who allege that the verification process is extremely time-consuming.
The firm intends to increase its profitability and expand its product lines to include BNPL, credit line, and integrated automobile goods with the newly poured funds. CASHe intends to increase its loan book to INR 3,000 crore by boosting its user base to 1 million from a reported 4 lakh currently.
V. Raman Kumar, CASHe's founder and chairman, stated, “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.”
Young individuals in the country, particularly under the age of 25, are increasingly obtaining short-term low-value loans. This tendency is propelling personal loans, which have increased 2.3 times in value and 3.8 times in volume from FY17 to FY21.
Many of these borrowers are obtaining their first loan through digital methods, with lenders appraising them using advanced analytics and AI/ML techniques.
Many lenders, particularly small banks, are playing the numbers game as the number of borrowers grows fast but the volume of these loans decreases. During the same time period, the average ticket size of personal loans decreased by 40% to INR 1.5 lakh from INR 2.4 lakh.
Joginder Rana, the start-up's vice chairman and managing director, stated, “in the last few years, CASHe has demonstrated that it is ready to seize every opportunity. Even during the two waves of Covid, it continues to forge ahead through its strong accelerating momentum predicated on the strength of its technology, business analytics, people and processes.”
CASHe, founded in 2016 by V. Raman Kumar, is a non-bank, mobile-first personal loan company that promises to assist the country's neglected digital clients. Its goal is to make credit more accessible to millenials.
It makes loans ranging from INR 1,000 to INR 3, 00,000 with an APR (annual percentage rate) of more than 30.42% with a minimum payback term of three months and a maximum repayment term of 12 months. It also appears to impose a 3% processing fee.
However, its Google Play Store application listing has gotten several unfavourable reviews from consumers who allege that the verification process is extremely time-consuming.
The firm intends to increase its profitability and expand its product lines to include BNPL, credit line, and integrated automobile goods with the newly poured funds. CASHe intends to increase its loan book to INR 3,000 crore by boosting its user base to 1 million from a reported 4 lakh currently.
V. Raman Kumar, CASHe's founder and chairman, stated, “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.”
Young individuals in the country, particularly under the age of 25, are increasingly obtaining short-term low-value loans. This tendency is propelling personal loans, which have increased 2.3 times in value and 3.8 times in volume from FY17 to FY21.
Many of these borrowers are obtaining their first loan through digital methods, with lenders appraising them using advanced analytics and AI/ML techniques.
Many lenders, particularly small banks, are playing the numbers game as the number of borrowers grows fast but the volume of these loans decreases. During the same time period, the average ticket size of personal loans decreased by 40% to INR 1.5 lakh from INR 2.4 lakh.
Joginder Rana, the start-up's vice chairman and managing director, stated, “in the last few years, CASHe has demonstrated that it is ready to seize every opportunity. Even during the two waves of Covid, it continues to forge ahead through its strong accelerating momentum predicated on the strength of its technology, business analytics, people and processes.”
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