With a successful FY closure, mobile lending startup Shubh Loans aims to cross $ 20 million AUM in FY 2018-19
– The company is targeting a 4X growth this FY
Bengaluru, 16th May 2018: With almost 70% of the market being underserved by institutional lenders, India’s leading mobile-only lending app Shubh Loans has closed its first year in operations with an impressive performance.
Staying true to its mission of bringing the underserved segments into formal lending, Shubh Loans is growing at a commendable rate of over 25% month on month. The company is leveraging its strong foundation of technology, data science and strategic partnerships to deepen its reach in the target segment. Shubh Loans is also actively working to build a conducive ecosystem that supports end to end digitization of the loan process – using digital files, promoting implementation of e-Signs and e-NACH. Simultaneously, the company has established strong ties with 9 Banks and NBFCs to ensure not only a credit line but also a robust credit policy that can cater to the marginalised segments in India.
In FY 2017-18 alone, Shubh Loans has crossed 4.5 Lacs app downloads and generated over 3 Lacs Shubh Loans Credit Reports for loan approvals. The Shubh Loans proprietary credit model is helping lakhs of individuals understand their credit profile better and empowering them to adopt healthier financial practices, which until now was long neglected by lenders.
The company is looking forward to an exciting and yet another successful year ahead. In 2018-19 itself, the company aims to cross $ 20 million AUM – 4x growth.
Shubh Loans path breaking work in FinTech is being recognized industry wide, with the company being awarded as
‘Top 5 Fintech Start Ups’ in India by Outlook Money
‘Tech Company to Watch Out For’ by BWDisrupt TechTors
6th in the Workplace Experience Rankings
Shubh Loans is present in 11 cities including Bengaluru, Delhi NCR, Hyderabad, Chennai, Mumbai, Jaipur, Kolkata, Nashik, Pune, Chandigarh and Ahmedabad. In addition, Shubh Loans is expanding to Tier 2 and Tier 3 cities in 2018. To ensure seamless communication with app users, the company has already made its mobile app available in 6 languages – English, Hindi, Marathi, Kannada, Telugu and Tamil; and plans to support other regional languages such as Gujarati, and Malayalam. The company will revamp its in-house built ChatBot to address customer queries in their preferred local languages.
Speaking on the occasion Monish Anand (Founder & CEO) of Shubh Loans said, “Technology is a great leveller and it’s truly successful if it can impact majority of people. We, at Shubh Loans, are harnessing the power of mobile, machine learning and AI to optimise our reach and provide credit to all. We feel what can be measured can be improved, hence our users have real time access to their Shubh Loans credit score and also have the power to improve it. Shubh loans score enables them to get friction free responsible credit from us.”
About Shubh Loans:
Shubh Loans takes pride in its aim to democratise credit by making it available to all and believes that an unserved customer doesn’t make for an unservable one. Shubh Loans has set its sight on bringing over 10 lacs people into the formal banking system as part of its mission 2020.
Based out of Bangalore, Shubh Loans is a vernacular app that is helping a growing number of salaried employees (starting from 12K) in getting a loan of up to 5 Lacs with a long term (up to 4 years) EMI tenure.
Shubh Loans recently raised $1.6 million Pre-Series A funding from SRI Capital, Beenext and Pravega. Prior to this, the company raised an undisclosed amount of angel funding from Sanjai Vohra (former MD of JP Morgan), V. Bunty Bohra (Managing Director and India CEO of Goldman Sachs) and Peeyush Misra (Ex-Partner and MD at Goldman Sachs).