[Funding alert] Quick credit platform Abhi Loans raises $4.5 mn in funding

Digital Lending Platform Abhi Loans (KNAB Finance Advisors Private Limited) has raised $4.5 million in funding round from DMI Sparkle Fund. 

The round also saw participation from Niten Malhan, Ashvin Chadha, S K Jain, and others.

The startup plans to use the funds to build on its tech stack as well as grow its loan book.

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Abhi Loans was founded in 2015 by Deepit Singh and Mandeep Chaudhary, It is a product of KNAB that deploys technology to develop and implement convenient and relevant financial solutions.

It aims to create and deliver quick loan solutions to the common Indian.

“One method to save money on several high-interest loans, for instance, is to monetize the small mutual fund portfolios we have. Starting with a small loan amount of as low as INR 15,000, any retail customers with a unit balance of INR 20,000 can take a cheap loan and also opt for low-debt consolidation. It reduces the interest burden in the long run and make the repayment much easier”, said, Mandeep Chaudhary, founder, Abhi Loans.

The company has a digitally distributed and secured loan ecosystem that provides loans and takes mutual fund shares and shares as collateral. Such a product has been available only for high-net individuals in the past, but the platform aims to provide up to Rs 15,000. The platform claims that they can process and approve these loans, as well as send money to the customer in just 24 hours.

“We are excited to work with the team at KNAB to help build out an innovative new product suite which takes us closer to our dream at DMI of enabling financial inclusion at scale across India,” said, Shivashish Chatterjee, co-founder, DMI Group.

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About Abhi Loans

Abhi Loans is a product of KNAB Finance Advisor Private Limited, a regulated NBFC registered with RBI.

Abhi Loans has inherited a rich legacy on using technology to find best and easiest financial solution. It has pioneered to build quick credit solutions.

Abhi Loans has democratized the lending against Share and Mutual funds for the retails customers.