Cash Suvidha, the trade name of Usha Financial Services that extends business loans to SMEs & MSMEs and personal loans to individuals is planning to raise $5-10mn equity funds in the next six months. In March 2018, the company raised $1 Mn in order to provide effective financial solutions to the entrepreneurs and individuals. Now the company is planning to raise funding this year to achieve the next level credit growth.
The company will use the funds to increase its loan books and to further strengthen its technological infrastructure. Founded in 2016, Cash Suvidha provides a variety of loans and funds will be primarily used to facilitate further lending to SMEs & MSMEs and to cater to the loan needs of Individuals, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Commenting on the same, Rajesh Gupta, Founder of Cash Suvidha says, “We are one of the fastest-growing NBFC and Fintech company. Within a short span of time, we have tied up with over 25 players to expand business across India and are targeting a 4x increase in terms of growth this year. This capital infusion would help us in widening our horizon and in extending our best alternative lending services across geographies.”