Digital lending startup RevFin secures seed funding
New Delhi-based digital lending startup RevFin Services Pvt. Ltd, which launched its Android and iOS apps on Wednesday to kick-start operations, said it has secured an undisclosed amount in its first seed cheque.
Angel investors include UK-based Harash Jain, chief executive of Litejoy International and Anil K Goyal, founder of Anil K Goyal and Associates. Others are Anil Lanba, executive vice-president of Pyramid Consulting and Krishan B Singh, a New York-based investor, the company statement said.
Founded by former HSBC executive Sameer Aggarwal in March, RevFin aims to provide loans through its non-banking financial company to the underserved segments.
“Through this seed round, we are looking forward to launching our services all over India. People residing in Tier-II and Tier-III cities are our core target group,” Aggarwal said. He is a graduate from the Indian Institute of Technology, Kharagpur, and has worked in consumer lending for 12 years, mostly in London with HSBC.
RevFin said it would offer two types of products -- personal loan and emergency loan. The firm is looking to build a lending book of Rs 500 crore in the next five years through market expansion across India. The startup plans to expand globally over time, it said.
RevFin is a new entrant in the digital lending space. Other fin-tech startups have also secured funds.
OnEMI Technology Solutions Pvt. Ltd, which runs digital lending startup Kissht, raised $30 million in a Series C round in September.
Another player in the same segment, SlicePay, raised an undisclosed amount in an extended Series A round led by Chinese firm FinUp Finance Technology Group in September.
Apart from SlicePay, a number of digital lending startups have raised funds in the recent past, such as Propelld, Shubh Loans and SMEcorner.