Lending App MyShubhLife Raises $4 Million from Patamar Capital
Founded in 2016 by Monish Anand and Rahul Sekar, Datasigns intends to provide east lending options to the underserved ‘next billion’ demographic. The parent company had earlier raised $4.8 million in Series A2 funding round led by Omidyar Network India and participation from existing investors Saama Capital, Beenext, SRI Capital, and Pravega Ventures in October 2018.
The platform, MyShubhLife, offers loans, savings products like insurance, SIPs, e-gold, and e-filing taxes. It uses real-time analytics and credit reports based on alternative data to bring lending access to the unserved and underserved market segments. It is available as an android app, through APIs and app white labeling. It also provides post disbursal tools that are proactive in preventing overdues and missed payments instead of after borrowers go overdue.
It had received an NBFC license from RBI in 2019, Founder and Chief Executive Monish Anand said.
Satchith Kurukulasuriya, Principal, Patamar Capital said, "Patamar has invested in these types of business models for over a decade. We strongly believe that owing to technology, the time is ripe for reimagining economies where all working-class employees have equal access to capital and financial services."
"MyShubhLife has unlocked the potential of providing financial services at scale by acquiring a deep understanding of the behavioural patterns of India's under-served working-class population. We are excited to back tech entrepreneurs like Monish who have the drive to create a sustainable impact in South Asia" he added.
The startup had raised $1.5 million in pre-Series A funding in 2017 from SRI Capital, Beenext, and Pravega, and $4.2 million in a Series A round led by Saama Capital.