Shubh Loans is a mobile app built by Datasigns Technologies. They use individual credit scores with traditional and secondary data points to assess an individuals eligibility. Lending partners of Datasigns use the Datasigns credit score for their lending.
The loan registration, credit reporting and funding is through their app. They offer the app in various vernacular languages and include education for those who don't understand how their credit score works.
Shubh Loans was founded by CEO Monish Anand, CTO Rahul Sekar, Anand Barua and Tushar Patel. In October, 2019, they announced the receipt of a licence from the Reserve Bank of India to set up a non-banking financial company. This allowed Shubh Loans to start offering loans themselves as well as through their lending partners.
The loans offered are across various categories, including medical emergencies, education, real estate or rental deposits, and in 2018 they began providing loans for small business owners.
Datasigns Technologies announced an undisclosed amount in angel investment in November 2016. Angels included Sanjai Vohra and V. Bunty Bohra.
Shubh Loans raised $1.5 million in their Seed round, announced September 2017. SRI Capital, Japan's BeeNext and Pravega Ventures participated in the round. Shubh Loans committed the funds for building their technology team and expanding their market.
Announced in August 2018, Shubh Loans raised $4.2 million in Series A funding. Saama Capital led the round which included participation from SRI Capital, BeeNext and Pravega Ventures. Shubh Loans committed the money to building their data science team.
In October of 2019, Shubh Loans raised a further $4.8 million in second installment of their Series A funding. Omidyar Network India led the round which included participation from Saama Capital, BeeNext, SRI Capital and Pravega Ventures. They committed the funding towards building their on-ground sales team and expand distribution.
Prashant Dnyanoba Bharam