Gurgaon-based digital lending platform RupeRedee has secured USD 6 million funding from its parent company Digital Finance International (DFI).
DFI is a member of the Finstar Financial Group, Russia. It mainly focuses on Fintechs.
RupeeRedee which has a digital Non-banking Financial Company (NBFC) FincFriends Pvt Ltd as its group entity, enables issuance of loans and has also created an online brokerage platform, originating loans for other partners NBFCs.
The company has been providing digital personal loans to the country’s large underserved masses including salaried, self-employed, first-time borrowers and those rejected by other financial institutions.
Jitin Bhasin, Managing Director, RupeeRedee and FincFriends said: “There are millions of salaried as well as self-employed borrowers in the country who need financial assistance but most lenders in India remain reluctant to aide them in the absence of strong credit histories, thus leaving large masses underserved. We are here to help this segment of people get easy access to flexible, small-ticket loans backed by a transparent fee structure. We are creating a ‘Product Ladder’ to help the customers move up the credit curve. We are witnessing the tremendous response to our products and are committed to using our investments to further bolster our commitment towards helping the credit under-served population in India achieve financial freedom.”
The company has been actively facilitating small tickets, flexible personal loans and claims to have over 1 million visitors per month across 25 cities in India where it is operational.