The startup said that it will utilize the funds to strengthen its product and scale up its operations.
Assisted Fintech Startup Paisagrowth today said that it has raised $250,000 in seed capital from leading startup accelerator GSF and other investors, including Dinesh Agarwal and Dinesh Gulati, CEO and COO respectively of IndiaMart; Rajesh Sawhney, Founder and CEO of GSF and Pras Hanuma, CEO of Infoquest. The startup said that it will utilize the funds to strengthen its product and scale up its operations.
Paisagrowth is a Loan Origination, Screening and Decision Automation Software designed for local financial advisors across India to assist borrowers to get formal credit. Paisagrowth has 14 lending partners on its platform offering Personal and SME Loans including Bajaj Finserv, Fullerton, Indifi, Lendingkart and is looking to ink similar partnerships with complimentary NBFCs and Banks as well as other lending products.
The startup was founded in 2020 by Anurag Tiwari, former Business Development Manager at Loansimple, Aabhas Tripathi, former senior Strategy Executive at Fitso; and Abhishek Sharma, former VP of Engineering at Loansimple.
Paisagrowth Cofounder Aabhas Tripathi said, “We have had a great journey thus far in understanding the industry pain points and addressing them by building a platform that works to the advantage of all three stakeholders of the digital lending ecosystem: borrowers, lenders and financial advisors. With this round of investment, we will be taking our product to the next level and onboard more lenders and financial advisors on our platform.”
Rajesh Sawhney, Founder at GSF Accelerator said, “Paisagrowth has built a remarkable platform for the digital lending ecosystem that is revolutionizing how consumers shop for loans, and how lenders reach new customers. We are really excited to back the Paisagrowth team and look forward to their playing a crucial role in the future growth of India’s digital lending space”.
For Financial Advisors, the Paisagrowth platform offers a simple, smart and unified journey for all loan products. By using Paisagrowth’s recommendation engine, advisors can quickly find the suitable lenders for a borrower without any manual analysis. Advisors can also manage their team within the platform and set up their business independently and scale effectively. Paisagrowth works on the education and branding of these Advisors continuously to help them become more successful.
For its lending partners, Paisagrowth offloads a good chunk of their operational burden through the smart journey, filtering and matchmaking process from the data points of borrowers, which in turn provides lenders with completed applications they can easily qualify and roll out a loan offer to. With its matchmaking marketplace, Paisagrowth is leveraging technology to make the lending process efficient while empowering borrowers with informed decision-making.
Paisagrowth is also partnering with retail players as well as aggregators and enabling credit access for them as well as their customers from an array of products and lenders. The Paisagrowth platform can also be used by business management platforms to improve credit access for their stakeholders within their workflow and get a revenue stream open for them.
Source: Business World