Digital Lending Platform RupeeRedee's NBFC arm FincFriends Secures USD 7.8 Mn Led by InCred Finance and Grow Money Capital The Gurugram-based platform aims to deploy the fresh funds for its expansion and product portfolio. A portion of the funds will also be used to "amplify" the NBFC's credit portfolio, increase its customer base, and expand operations into emerging countries.
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FincFriends Private Limited, a wholly-owned subsidiary of lending focused NBFC firm RupeeRedee, has announced the raising of USD 7.8 million (in a mix of debt and equity) in a strategic round led by InCred Finance and Grow Money Capital.
It raised USD 2 million in equity and USD 2.8 million in the form of ECB from its existing shareholders - APV Management Pte Ltd. Additionally, it has also raised USD 3 million in debt from InCred Finance and Grow Money Capital.
The total amount raised by the company last financial year stands at USD 11.6 million in equity and USD 1.3 million in debt.
Now, the company's total fundraising stands at USD 13.6 million in equity, USD 3.5 million in ECB (External Commercial Borrowings) and USD 4.3 million in debt.
According to the official announcement, the new funding will support the startup's expansion and product portfolio. A portion of the funds will also be used to "amplify" the NBFC's credit portfolio, increase its customer base, and expand operations into emerging countries.
Roman Aznabaev, CEO, RupeeRedee, said, "As we focus on expanding our credit offerings, we are looking forward to leveraging this opportunity to create high value for our customers and stakeholders alike."
RupeeRedee, led by Aznabaev Roman, provides digital lending services and short-term personal loans in partnership with FincFriends.
Since their founding in 2017, RupeeRedee and FincFriends have helped the nation's vast underprivileged population—which includes salaried individuals, self-employed people, first-time borrowers, and those turned down by other lenders—by providing digital personal loans.
FincFriends claims to offer personal loans up to INR 30,000.
Mohit Gandhi, Head of Financial Institution Lending at InCred Finance, said, "InCred's collaboration with FincFriends underscores our dedication to offering customized liquidity solutions for businesses, fostering financial inclusion, and empowering communities. Through this partnership, we actively support FincFriends' mission of delivering socially responsible funding to underserved populations in India. Together, we are committed to shaping a more financially inclusive future."
