Matrix Partners India has led the $3 million equity fundraising round for NBFC InPrime Finserv. In the round were returning investors Kettleborough VC, Titan Capital, and InfoEdge Ventures.
The money will expand the company’s geographic reach and risk, the field of engineering, data analysis, and sales teams. The money will also enable online channels, evaluation methodologies, and lending portfolio growth for the NBFC, as reported by ET.
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“India’s ambitious target of achieving a $5 trillion economy by 2030 necessitates the informal economy to grow in tandem with the formal sector. InPrime is dedicated to addressing the escalating credit demand within the informal economy,” Rajat Singh, cofounder and chief executive, of InPrime, said.
The goal of InPrime is to identify this informal sector subsegment, preserve the successful features of traditional lending, and take advantage of the latest data-driven, digital, and technological lending techniques.
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The organisation intends to take a hybrid method, fusing the effective features of conventional lending with cutting-edge lending procedures focused on innovation, data, and digital technologies.
“A core part of India’s economic growth is driven by small and medium businesses in the informal sectors of ‘Bharat’. InPrime’s objective of serving this sector with tailored products is incredibly inspiring and necessary,” said Avnish Bajaj, founder and managing director, Matrix Partners India.
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About InPrime
Rajat Singh, Manish Raj, and Sneh Thakur founded InPrime in 2021 to offer financial services to the nation’s unorganised sector of the economy.
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