Bengaluru based Datasigns Technologies has raised USD 1.5 million Pre-Series A funding from SRI Capital, Beenext and Pravega. Datasigns Technologies, founded by Monish Anand, Rahul Sekar, Anand Barua and Tushar Patel, had earlier raised an undisclosed amount of angel funding from Sanjai Vohra (former MD of JP Morgan), V. Bunty Bohra (Managing Director and India CEO of Goldman Sachs) and Peeyush Misra (Ex- Partner and MD at Goldman Sachs).
SRI Capital’s portfolio includes Fab Hotels, Healthify and Yellow Dig among others, Beenext has invested in - Droom, Citrus pay, No Broker, Faasos and Pravega Ventures has invested in Crofarm - an agri-tech company, Innovaccer - big data platform for enterprises.
Datasigns Technologies is a mobile first lending platform, which lends via their android application called Shubh Loans. Shubh Loans is a vernacular language app which builds a proprietary credit score and report for loan applicants, thereby helping them understand their credit standing holistically.
“Proud to back a rockstar team, led by Monish Anand, in the consumer lending space in India. Many massive companies are going to be built in this space, finally being able to lend to the next 200 million consumers—Shubh Loans will be one of them” said Sashi Reddi, Founder & Managing Partner of SRI Capital.
Shubh Loans score is dynamic and changes with applicant's financial and non- financial behaviour. Using the Shubh Loans app, users can apply for a loan of up to 2 Lacs with maximum 2 years tenure. Datasigns has partnered with multiple banks and NBFCs, helping them in building their loans books.
Monish Anand (Founder & CEO) of Shubh Loans stated – “We are excited to have these great investors on board, at the same time we are even more determined to stay disciplined and execute our plan well.”
“The lending business in the country is at an inflection point, our focus is on creative and responsible use of data to bring financial literacy and credit to people who deserve it the most,” added Rahul Sekhar, Co-Founder & Chief Data Scientist.
Shubh Loans takes pride in its aim to democratise credit by making it available to all and believes that an unserved customer doesn’t make for an unservable one. Shubh Loans has set its sight on bringing over 10 lacs people into the formal banking system as part of its mission 2020. There are currently growing at 50% month on month and have tied up with over 9 lending institutions.