InPrime Finserv Secures $3 Million to Expand its Loan Portfolio
- ByStartupStory | January 16, 2024
InPrime Finserv, a non-banking financial company (NBFC), has successfully secured $3 million in a Series A funding round, and leading the investment is Matrix Partners India. This round also witnessed participation from existing investors, including InfoEdge Ventures, Titan Capital, and Kettleborough VC. This comes on the heels of a notable $1.45 million raised by InPrime in November of the previous year in a seed round, where it was backed by InfoEdge Ventures, Titan Capital, Kettleborough VC, and other prominent investors.
The newly acquired funds are earmarked for various strategic initiatives. In particular, InPrime Finserv aims to enhance its geographical footprint, expand its team across key functions such as risk management, engineering, analytics, and sales, and bolster its digital channels and credit scoring models. Additionally, the company intends to broaden its loan portfolio to cater to a wider range of customers and financial needs.
Founded by Rajat Singh, Manish Raj, and Sneh Thakur, InPrime stands out for its innovative approach to lending. The company integrates digital footprints from diverse sources, including credit bureaus and bank accounts, coupled with on-field assessments. This unique combination enables a precise evaluation of customers’ needs, financial capacity, creditworthiness, and risk profiles.
InPrime Finserv operates from its headquarters in Bengaluru and distinguishes itself with a hybrid lending strategy. This approach seamlessly blends traditional and modern practices, leveraging data, digital tools, technology, and innovation to create both financial and non-financial value for its customers.
Commenting on the investment, Matrix Partners India expressed confidence in InPrime’s potential for growth and success. Matrix Partners India, known for its diverse portfolio, includes companies such as Razorpay, Five Star Business Finance, OneCard, Ola, Ola Electric, Dailyhunt, OfBusiness, Oxyzo, Captain Fresh, and Country Delight. In June 2022, Matrix Partners India disclosed plans to raise $450 million as part of its fourth fund, aiming to support emerging startups in the country.
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