Digital lending platform Stashfin on Thursday announced that it has raised $100 million in its latest funding round from venture debt firms InnoVen Capital and Trifecta Capital.
The debt raise, which saw participation from domestic lenders, follows the $270-million Series C round raised by the startup in the first half of 2022 at a valuation of over $730 million.
In a statement, Stashfin said that it will use the money to optimise the portfolio for prospective securitisation as it continues to scale business.
“The new collaborations will add more velocity to our growth given our robust business model and extensive market demand,” said Tushar Aggarwal, CEO and founder, Stashfin.
Stashfin, which was founded in 2016 in New Delhi, provides loans ranging from Rs 500 to Rs 5,00,000 with repayment periods starting from 3 months to 36 months. It was acquired by Singapore-based Morus Technologies in 2017. Within India, the startup enjoys a presence in seven other cities across the country.
The startup also counts Uncorrelated Ventures, Fasanara Capital, Abstract Ventures, Altara Ventures, Kravis Investment Partners and Snow Leopard among its backers.
StashFin said in the statement that it has witnessed a spate of positive developments, such as ICRA upgrading its rating to BBB (Stable) / A3+ for its group company Akara Capital Advisors Private Limited (ACAPL). The company recently issued its first debt issue to retail investors on a credit platform called Wint Wealth which was subscribed to within a few minutes.
Stashfin’s competitors include the likes of Slice, FlexiLoans, Lendingkart, Money View, and LendenClub.