Funding Alert
Digital Lending Platform Abhi Loans Raises $4.5 Million in funding
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ByStartupStory | August 17, 2022
KNAB Finance Advisors Private Limited, also known as Abhi Loans, has raised $4.5 million in funding led by DMI Sparkle Fund. Niten Malhan, Ashvin Chadha, S K Jain, and few others also participated in the round.
The startup will use the newly raised funds to build upon its tech stack, as well as grow its loan book.
Abhi Loans is said to be a digitally distributed and secure loan ecosystem that provides loans and takes mutual fund share and stocks as collateral. A product like this has only been accessible to high-net individuals in the past, but the startup aims to provides amounts as low as Rs 15,000. According to the startup they can process and approve these loans, as well as send the money to the customer in just 24 hours.
Mandeep Chaudhary, founder, Abhi Loans, said, “One method to save money on several high-interest loans, for instance, is to monetize the small mutual fund portfolios we have. Starting with a small loan amount of as low as INR 15,000, any retail customers with a unit balance of INR 20,000 can take a cheap loan and also opt for low-debt consolidation. It reduces the interest burden in the long run and make the repayment much easier.”
“We are excited to work with the team at KNAB to help build out an innovative new product suite which takes us closer to our dream at DMI of enabling financial inclusion at scale across India,” said Shivashish Chatterjee, co-founder, DMI Group.
Founded by Deepit Singh and Mandeep Chaudhary, Abhi Loans is a product of KNAB that deploys technology to develop and implement convenient and pertinent financial solutions. It aims to build and deliver quick credit solutions for the common Indian.
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