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About Cash Suvidha
Cash Suvidha is trade name of Usha Financial which is a digital Lending Platform that provides working capital finance to SMEs and MSMEs in India. Founded in May 2016, Cash Suvidha give a chance to such families and SMEs in rural and Urban areas to meet their financial needs, who find it difficult to get finance due to inflexible guarantee parameters, obstructive lending policies or lengthy disbursement.
Cash Suvidha Founders
#1 Rajesh Gupta
Rajesh Gupta is the founder and present Director of Cash Suvidha. Mr. Rajesh Gupta is B.Com (Hons) from Delhi University and has vast experience of over 25 years in the Business & Financial Market. His vast experience and expertise have helped the organization to grow as he plays important role in the management of the company.
#2 Anoop Garg
Anoop Garg is the Co-founder, Present Director of the company and part of Management. Anoop is having a degree in B.Com (Hons) from Delhi University and has an experience of over 21 years in various capacities and domains.
Cash Suvidha Funding
Recently in March 2018, the Delhi-based Fintech company has raised 1 Million dollars in a Pre-Series A funding round from Initia Holdings; Vipin Agarwal, Partner in India Industrial Growth Fund and others. Earlier in February this year, the company had raised $2.5 million in debt financing.
Before that in December 2017, Cash Suvidha has raised 2.7 Million dollars in Debt Financing raised from six financial institutions. The company used the funds to increase the loan books of the company. The loans will cater to financing SMEs and individuals particularly in Delhi NCR, Bengaluru, Pune, Hyderabad, Mumbai, and Rajasthan.
Cash Suvidha Success Story
In an official statement, Cash Suvidha claims to have attained break-even and hit profitability in just 2 years of operations. The startup has tied up with over 14-15 players to expand business across India and claims to have disbursed 80%of its loans to SMEs.
The startup is receiving 15,000 loan applications per month and has disbursed the loans worth 23.45 Mn Dollars (INR 152 Cr) since its inception.
Cash Suvidha Competitors
Similar to Cash Suvidha, there are other online lending platforms like Aye Finance, Lendingkart, Capital Float, NeoGrowth Credit, OptaCredit etc., whom are providing easy loans and have grabbed investors attention.
Recently Ahmedabad-based Lendingkart has secured over $87 Mn in an equity funding round and Capital Float raised $45 Mn Series C funding, led by Silicon Valley-based Ribbit Capital.
Growth of Fintech Companies in India
With fall of traditional financial services like banking, Indian financial market has undergone a radical transformation that has been brought about by technology and innovation. In India, hundreds of start-ups sprouted in the Fintech space across the country. The Fintech industry in India expected to touch USD 2.4 billion by 2020 from the USD 1.2 billion in the Financial Year (FY) 2016.
Overall the Indian fintech industry has received $3.01 Bn across 111 deals in 2017. With continued funding of Cash Suvidha is bound to offer it a competitive edge, while also enabling it to maintain and grow its customer base.