The spherical values Stashfin at round $800 million, the corporate mentioned in an announcement on Tuesday.
Present buyers Altara Ventures, Kravis Investment Partners and Snow Leopard additionally participated within the spherical.
Stashfin plans to make use of the funds to develop its footprint in South Asia and Southeast Asia, and improve its expertise for brand spanking new merchandise, the assertion mentioned.
Based in 2016 by Tushar Aggarwal, StashFin has a non-banking binancial firm (NBFC) licence in India. It affords credit score traces by a Visa card to middle-class Indians, providing loans beginning at Rs 10,000.
“We are actually on the cusp of reworking right into a compound startup, providing a number of monetary merchandise for shoppers with a large spectrum of credit score dangers. We now have launched some thrilling merchandise and onboarded an especially gifted group,” Aggarwal mentioned.
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Up to now 12 months, Stashfin claims to have registered round 10-fold progress in its month-to-month enterprise and is at the moment nearing an annualised income run price (ARR) of $100 million.
“The corporate has registered almost 10 million clients on its platform since inception and is projected to develop 4-5x this yr, with ARR anticipated to develop to $400 million over the following 12-18 months. The corporate has already turned worthwhile,” Aggarwal added.
StashFin additionally affords customised options to its clients powered by its homegrown synthetic intelligence (AI) expertise. It lately launched a credit score line card for ladies that goals to offer better monetary freedom. Its playing cards permit customers to avail of instantaneous credit score and transact throughout channels, together with ATM withdrawals.
“Digital retail lending in India is rising quick. Stashfin’s product and expertise stack are spectacular… the underwriting platform shouldn’t be solely worthwhile however scales with engaging unit economics amid difficult market situations,” mentioned Salil Deshpande, founder and normal associate at Uncorrelated Ventures.
StashFin had raised $40 million in a Series B equity round in April 2021 led by a clutch of worldwide buyers together with Altara Ventures and Uncorrelated Ventures. Others akin to
, Kravis Funding Companions, Saison Capital and Tencent Cloud Euro additionally participated.