The company will continue to boost its profitability, enhance its existing product lines such as personal loans, BNPL, Credit Line and embedded card business.
CASHe announced that it has closed 140 crores of equity funding from its Singapore-based holding company TSLC Pte Ltd. The latest round of capital infusion strengthens the Mumbai headquartered fintech company’s balance sheet size to over Rs. 800 Cr. which constitutes about Rs. 300 Cr in equity and over Rs. 500 Cr. raised through debt from a well-diversified pool of leading private banks and reputed NBFCs.
With this fresh capital, the company will continue to boost its profitability, enhance its existing product lines such as personal loans, BNPL, Credit Line and embedded card business. It aims to launch new offerings in WealthTech and ramp up its investments in operations, product development, data sciences, and technology. It strives to double its team strength across domains to manage future growth seamlessly. It also seeks to expand its loan book to Rs 3,000 Cr. and upscale its user-base to 1 million from the current 4 lakh customers in FY 2022-23. The company has disbursed over Rs 1,000 Cr worth of loans in 9 months of this fiscal year alone and is all set to disburse over 1400 crores in FY 21-22, thereby growing by over 100 percent over its previous year.
The firm plans to invest substantially in creating and improving its tech-stack platform to bolster and preserve the growth of its user base, all while facilitating all types of banking transactions. In achieving its expansion goals, the company has strengthened its leadership through strategic C-suite appointments. It is eyeing fresh hires in technology, product, marketing, and customer support to help it expand its foothold across the country, thereby fortifying its vision of building a full-stack credit-led financial wellness platform.
V. Raman Kumar, Founder Chairman of CASHe “Achieving the Vision 3.0 is the next frontier for our growth and opportunity. 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”
Also speaking, Joginder Rana, Vice Chairman & MD, CASHe, said, “CASHe is now poised to enter the next phase of its growth journey. 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. The latest capital infusion in the company will enable us to disburse to the tune of Rs 3,000 Cr for the FY 22-23 – that would be twice as much as we would have disbursed by the end of FY 21-22. It also provides us with the required resources to fuel and accelerates our investments in technology and people to enable us to launch innovative financial products to our customers.”, he concluded.
In the last four years since its launch, CASHe has crossed over 15 million registered users with over 9 million customers that have provided thin file data. It has disbursed over 3000 crores to over 4 lakh active customers, of which 70 percent are repeat customers. By employing its proprietary tech and credit writing system, CASHe aims to transform the digital lending industry in India while offering credit to the unserved and underserved – those who otherwise do not have access to credit through traditional mediums. Today, CASHe is the nation’s fastest-growing digital lending platform.
Source: Business World