Non-bank lender Happy raises $20 mn to grow loan portfolio
Non-bank lender 'Happy' Wednesday said it has raised USD 20 million (about Rs 140 crore) in fresh capital at an undisclosed valuation to grow its small business-focused portfolio.
Non-bank lender 'Happy' Wednesday said it has raised USD 20 million (about Rs 140 crore) in fresh capital at an undisclosed valuation to grow its small business-focused portfolio. The two-year-old company, which has a book of Rs 140 crore to 32,000 borrowers, has also garnered lines of finance from institutions like DMI, an official statement said. The latest funding will help the company grow its loan portfolio to over 1 million loans over the next fiscal and reduce loan fulfilment times to below one minute, it said.
The company, which claims its loans are less costly than informal borrowing, did not disclose the investors who had pooled in the fresh capital. "Making one million small loans means building a loan portfolio of over USD 500 million and catalysing economic wealth of USD 10 billion for micro and small enterprises in a single year, its co-founder and managing director Manish Khera said.
He added the small loans help create greater business opportunities, stabilise cashflows, and enhance livelihoods for small business owners. The company also plans to expand its technology platform, which is enables instantI-driven lending with over 20 partners, the statement said.
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
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
05:22 PM IST