Delhi-based Simplified Fintech Pvt. Ltd, which operates yet-to-be-launched online lending platform SimpliLend, has bagged an undisclosed amount in angel funding from two high-net-worth individuals based out of Singapore and India, a person aware of the development told VCCircle.
Puneet Gupta, founder of SimpliLend, confirmed the fund-raise but refused to divulge further details. He, however, mentioned that the firm will use the funds to ramp up its technology platform.
Founded in 2016 by Gupta, an MBA from Kellogg School of Management, SimpliLend aims to be a loan facilitator for individuals and businesses without a credit score or collateral.
“We endeavour to add simplicity across two dimensions, namely coverage of individuals and serviceability of a loan by using disruptive technology and domain expertise," reads the company's description under Gupta’s LinkedIn profile.
It is not clear as to when the company will formally launch its operations. Repeated attempts to contact Gupta on his mobile and e-mail queries sent in this regard did not elicit a response at the time of filing this report.
While the team size of SimpliLend is not clear either, Gupta’s LinkedIn profile claims it comprises Ivy League MBAs, IIT graduates and veterans from the Indian financial services sector, including the Reserve Bank of India and State Bank of India.
Gupta is also managing director of US-based investment firm Kentrus Capital Advisors Private Limited. According to his LinkedIn profile, Kentrus raised a $100-million fund in 2007-08 that has yielded 100% returns with a 22% internal rate of return.
A bunch of startups in the broader fin-tech space have raised funding this month alone. Mumbai-based online insurance startup Acko General Insurance Co. Ltd raised $30 million (Rs 195 crore) in seed funding from a clutch of investors including SAIF Partners and Accel Partners.
Bangalore-based EzCred Private Limited, which operates a consumer lending platform, also raised Rs 6.5 crore ($1 million) in a seed round from a group of investors.
Paysense Services India Pvt. Ltd, which offers personal loans, raised $5.3 million (Rs 34 crore) in Series A funding led by Singapore-based venture capital firm Jungle Ventures.