This story is from April 26, 2018
PayMe India gets funds from Singapore investors
NEW DELHI:
Currently, the company has 43,700 customers, and has disbursed around Rs 56 crore in loans. It relies on alternative data and information based on social media and mobile data for credit underwriting. The lending space in India has been seeing an investor boom, with the space seeing more than 20 funding deals since January, according to analytics firm Tracxn.
PayMe India
, a Noida-based online lending platform, has raised $2 million fromSingapore-based angel investors
. Founded in 2016 by Mahesh Shukla, former financial analyst atBarclays
, and Sandeep Singh, former executive at Genpact, the company offers short-term and long-term loans to SMEs. “The funding will mainly be used for capacity and market expansion,” said Shukla.Currently, the company has 43,700 customers, and has disbursed around Rs 56 crore in loans. It relies on alternative data and information based on social media and mobile data for credit underwriting. The lending space in India has been seeing an investor boom, with the space seeing more than 20 funding deals since January, according to analytics firm Tracxn.
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