Lending startup ftcash gets NBFC licence from RBI
Founded by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha in 2015, the company has partnerships with Northern Arc, Ugro and Ambit to offer credit to customers.
Lending startup ftcash on Tuesday said it has received licence from the Reserve Bank of India (RBI) to set up a non-banking financial company.
Ftcash aims to disburse loans worth Rs 100 crore in the current fiscal, according to a release.
The Mumbai-based firm uses proprietary algorithm to analyse creditworthiness of the borrowers. It caters to underserved SMEs (Small and Micro Enterprises), including retailers, pharmacies, garment stores, automobile shops and mom-and-pop stores.
Founded by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha in 2015, the company has partnerships with Northern Arc, Ugro and Ambit to offer credit to customers.
"We have over 60,000 merchants in our network currently and have disbursed over Rs 600 crore worth of loans till now. We expect the disbursals to grow by three times by 2023," Co-Founder and Chief Executive Officer Chandak said.
He said nearly 80 per cent of the total MSMEs in India lack access to lending.
"The NBFC licence will allow us to bridge this credit gap while offering loans with minimal documentation along with daily repayment options via PoS (Point of Sale) with equated daily installments," Chandak said.
Till now, the company said it has raised USD 10.2 million (over Rs 83 crore).
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
09:05 AM IST