With this fresh capital, the company will continue to boost its profitability, enhance its existing product lines such as personal loans, BNPL (Buy Now Pay Later), credit line and embedded card business, a release said.
It aims to launch new offerings in WealthTech and ramp up its investments in operations, product development, data sciences, and technology, it said.
“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,” CASHe Founder Chairman V Raman Kumar said.
The company seeks to expand its loan book to Rs 3,000 crore and upscale its user base to 1 million from the current 4 lakh customers in FY 2022-23, the release said.
It has disbursed over Rs 1,000 crore worth of loans in nine months of this fiscal year and is all set to disburse over Rs 1,400 crore in FY 21-22.
The latest round of capital infusion strengthens the Mumbai-headquartered fintech company’s balance sheet size to over Rs 800 crore, which constitutes about Rs 300 crore in equity and over Rs 500 crore raised through debt from a well-diversified pool of leading private banks and reputed NBFCs, the release said.
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