Digital lending platform IndiaLends has raised $5.1 million in a funding round led by existing investors ACP Partners and DSG Consumer Partners.

New Delhi-based fintech firm IndiaLends was founded by Gaurav Chopra and Mayank Kachhwaha in 2015. It is an online platform that provides customers with financial products and services such as personal loans, unsecured loans, installment loans, and credit cards. The platform connects borrowers with lenders to help them get the best deal possible and also provides value-added services to customers such as big-data analytics, credit risk assessment and verification, and automated work-flows for loan origination and management.

As per a company statement, IndiaLends will use the funds to expand its technology platform, increase the market footprint and amplify its product offerings to meet the demand in a post-COVID economic recovery.

“This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth. The use of new-age technologies and the government’s pro-active efforts to push digitization is helping this high-potential space to grow and drive greater financial inclusion across the country," says, Gaurav Chopra, co-Founder, IndiaLends.

He further added, "Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal. This investment is a testament to the fact that the sector is going to witness an upward curve in the days to come. We are very excited to have received this funding from our current investors ACP Partners and DSG Consumer Partners, who have shown their trust and confidence in the business all along.”

With the focused outreach towards retail consumers in Tier I and II cities, and Tier III towns IndiaLendsaims to double its disbursements in the next 18-24 months and emerge as the leading financial marketplace in India.

IndiaLends also offers pre-qualified loans from all major fintech and P2P lenders to its customers like the other traditional Banks and NBFCs do.

"DSGCP first invested in IndiaLends in 2015. Since then, we have witnessed strong market traction as IndiaLends leverages relationships with leading NBFCs and banks to make credit accessible to a broad set of consumers. We were particularly impressed by how Gaurav and his team at IndiaLends navigated the challenges posed by the COVID-19 pandemic. We are excited to back IndiaLends as it enters its next phase of growth," says, Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.

"IndiaLends is helping customers make educated and better borrowing decisions by giving them curated loan offers from over 50 lenders with transparent product terms, enabling them access to credit. We are excited to support this growth and offer these services to millions of Indians through our “lending as a service” partnerships,” added Alok Oberoi, ACP Partners.