Delhi-based microlending startup Cash Suvidha has raised USD 1 million in pre-series A funding from Initia Holdings Ltd, Vipin Agarwal, a partner in India Industrial Growth fund and others.
The funds will be used to increase the loan books of the company and to further strengthen its technological infrastructure.
The company was founded in 2016 by Rajesh Gupta, Anoop Garg and Geeta Goswami. It provides loans and funds to SMEs in Delhi, Bangalore, Pune, Hyderabad, Mumbai and Rajasthan.
"This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies. We have recently started our operations in Kota and Jaipur. Our next destination is Ajmer and other parts of Rajasthan. After covering Rajasthan we will move towards Gujarat and other, parts of India," said Rajesh Gupta, founder of Cash Suvidha.
In February, the startup raised a debt of USD 2.5 million and planned to use the debt investment to increase the loan books of the company.
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