Non-banking finance company (NBFC) InPrime Finserv on Tuesday said it has raised $3 million in equity funding led by Matrix Partners India. Existing investors InfoEdge Ventures, Titan Capital and Kettleborough VC also participated in the round.
The funds will be deployed to broaden the company’s geographical presence and to grow the team across risk, engineering, analytics and sales. The NBFC will also use the proceeds to develop digital channels and credit scoring models and expand its loan portfolio.
Founded in December 2021 by former executives of Ujjivan Small Finance Bank, Rajat Singh, Manish Raj, and Sneh Thakur, InPrime provides financial services to the country’s informal economy.
“India’s ambitious target of achieving a $5 trillion economy by 2030 necessitates the informal economy to grow in tandem with the formal sector. InPrime is dedicated to addressing the escalating credit demand within the informal economy,” said Rajat Singh, cofounder and chief executive, InPrime.
The NBFC integrates digital footprints from credit bureaus, bank accounts and other sources, and undertakes comprehensive on-field assessments to enable precise evaluation of customers’ needs and creditworthiness.
“A core part of India’s economic growth is driven by small and medium businesses in the informal sectors of ‘Bharat’. InPrime’s objective of serving this sector with tailored products is incredibly inspiring and necessary,” said Avnish Bajaj, founder and managing director, Matrix Partners India.
