Cash Suvidha, a fintech startup firm which provides loans to MSMEs and women entrepreneurs, is now targeting to disburse Rs 400 crore loans by the end of March 2019.
The company which is known for its quick digital processing, easy lending services and disbursing loans within 2 days, has disbursed around Rs 122 crore of loans in the fiscal year 2017-18.
In the last financial year, the company disbursed nearly 70% of the total loans to the SME sector which often faces lots of challenges and difficulties in obtaining loans from public sector banks.
Rajesh Gupta, Founder, Cash Suvidha, states that the Cash Suvidha plays an important role in catering the needs of SMEs, MSMEs, individuals and women entrepreneurs.
As large number of industries under SME category and emerging women entrepreneurs are facing cash crunch, in such a time Cash Suvidha helps the firms to fulfill their ambition with ease, he added.
Aiming to achieve 4 times increase in processing loan applications, he said that the company has tied up its connections with 18-20 players in order to expand business across India.
By making use of its proprietary Artificial Intelligence (AI) driven systems, Cash Suvidha is able to determine the best leads for credit and match them with the perfect kind of product.
Since its inception, Cash Suvidha has raised a total debt of USD 5.2 million and disbursed nearly Rs 154 crore of loans to 35,000+ borrowers with an average ticket size of around Rs 20,000-Rs 5,00,000.
Cash Suvidha has also recently partnered with StoreKing, a rural digitization and commerce optimization platform, to jointly disburse loans worth nearly USD 6 million by the end of the current financial year.
Overall, with some major actions lined up, Cash Suvidha is expected to set new benchmarks in the current Financial Year 2018-2019.