In a recent financial development, Non-Banking Financial Company (NBFC) InPrime Finserv has successfully raised $3 million in a Series A funding round. The funding was spearheaded by Matrix Partners India, with additional contributions from existing supporters such as InfoEdge Ventures, Titan Capital, and Kettleborough VC.
This latest infusion of capital follows InPrime’s previous fundraising efforts, including a seed round in November of the preceding year, which saw the company secure $1.45 million. Notable participants in the seed round included InfoEdge Ventures, Titan Capital, Kettleborough VC, and other prominent investors.
The freshly acquired funds are earmarked for several strategic initiatives to propel InPrime’s growth. Among the critical areas of focus are expanding the company’s geographical footprint, bolstering the team across various functions such as risk management, engineering, analytics, and sales, and investing in developing digital channels and cutting-edge credit scoring models. Additionally, InPrime aims to diversify and expand its loan portfolio.
Established by the trio of Rajat Singh, Manish Raj, and Sneh Thakur, InPrime distinguishes itself by integrating digital footprints sourced from credit bureaus, bank accounts, and other relevant channels. This comprehensive approach enables the precise evaluation of customers’ needs, financial capacity, creditworthiness, and risk profiles.
Headquartered in Bengaluru, InPrime adopts a distinctive hybrid lending approach that seamlessly blends traditional and modern practices. This approach strongly emphasises leveraging data, digital technologies, and innovation to generate financial and non-financial value.
Matrix Partners India, the lead investor in this funding round, boasts an impressive portfolio that includes successful ventures such as Razorpay, Five Star Business Finance, OneCard, Ola, Ola Electric, Dailyhunt, OfBusiness, Oxyzo, Captain Fresh, Country Delight, and others. In June 2022, Matrix Partners India announced plans to raise $450 million as part of its fourth fund, specifically focusing on supporting emerging startups in the country.
