New Delhi [India], Apr 24 (ANI): Cash Suvidha, a fintech startup that began its operations in May 2016 by extending business loans to SMEs, MSMEs, and personal and women entrepreneurs has added another feather to its cap. It has disbursed around Rs 122 crore of loans in the Financial Year 2017-2018 and targets to disburse Rs 400 crore loan amount by the end of March 2019.
In the last financial year, the maximum loan disbursement i.e., nearly 70 per cent of the total loans was provided to the SME sector which generally finds it difficult to obtain credit or working capital from the banks owing to a number of reasons.
"India today boasts of nearly 50 million firms that can be classified under the SME category and are innovatively pacing themselves up to cater to the ever-increasing needs of the growing population. In addition, the number of women entrepreneurs in India is also growing at a fast pace. In such times, Cash Suvidha is playing a significant role in empowering SMEs, MSMEs, individuals and women entrepreneurs to fulfill their ambitions with ease," said founder, Cash Suvidha, Rajesh Gupta.
The company is known for its quick digital processing, easy lending services and disbursing loans within two working days. By making use of its proprietary Artificial Intelligence (AI) driven systems, Cash Suvidha is able to determine the best leads for credit and match them with the perfect kind of product.
Since its inception, Cash Suvidha has raised a total debt of USD 5.2 million and disbursed nearly Rs 154 crore of loans to 35,000+ borrowers with an average ticket size of around Rs 20,000-Rs 5,00,000. Cash Suvidha has also recently partnered with StoreKing-a rural digitisation and commerce optimisation platform, to jointly disburse loans worth nearly USD 6 million by the end of the current financial year.
In the Financial Year 2018-2019, the company has a target to disburse nearly Rs 400 crore of loan amount to nearly 50,000+ borrowers. Hence, the company is expecting to see a healthy growth rate in the future.
"Within a short span of our establishment, we have been able to tie up with over 18-20 players to expand business across India and aim to achieve 4x increase in processing loan applications," said Gupta.
Overall, with some major actions lined up, Cash Suvidha is expected to set new benchmarks in the current Financial Year 2018-2019. (ANI)