Bengaluru-based digital loan origination platform Namaste Credit has received $3.8 million from Nexus Venture Partners in a Series A round of fundraising. The company plans to scale up operations and strengthen its technology platform with the fresh funds.
Namaste Credit works with more than 30 lenders which include the likes of HDFC Bank, ICICI Bank, Standard Chartered Bank and even non-banking lenders like DHFL, Tata Capital and Capital Float. Catering to mostly to small and medium enterprise business loans, the company lends to companies with an annual turnover in the range of Rs 1crore to 100 crore.
“We have grown more than 10 times of our last year numbers and with the technology platform that we have developed, we help lenders take more informed and quicker decisions on the loan application of the SMEs,” said Lucas Bianchi, chief executive of Namaste Credit.
Though driven by a strong tech platform, the company depends largely on the offline channels to source their loans. This could include the likes of chartered accountants, real estate agents, wealth managers among others.
“We are planning to increase our channel partners to 10,000 by the end of this financial year from 1,000 that we currently have,” said Bianchi.
Bootstrapped since 2014, the company currently gives out loans across 10 cities and plans to scale it up to around 30 cities over the next year and even scale up its employee strength from 50 currently.