Datasigns Technologies Pvt Ltd, which runs financial services platform MyShubhLife (formerly Shubh Loans), on Monday said it has raised Rs 100 crore (around $13.1 million) in a Series B funding from Gojo & Company, Inc.
The startup plans to deploy the fresh capital to further expand its footprint with more corporate and large platform partnerships, invest in technology and boost its talent pool.
The capital will help MyShubhLife to grow its NBFC book and increase disbursements through its co-lending partners, it said in a statement.
“Since inception, we have focused on the first principles of lending, and given risk management due importance. This approach has also helped us in managing our credit losses during the pandemic.
In the last two years, we have transformed into a full-stack loan and savings company for the next half billion," said Monish Anand and Rahul Sekar, co-founders of MyShubhLife.
“We are delighted to add MyShubhLife, our group's first digital lending firm, as our ninth partner. MyShubhLife is one of the very few digital lenders in India that truly reach the underserved customer segment through its unique partnership-driven “Phygital” approach.
The underwriting and analytics capability they have built for this segment is second to none and we are happy to work with the team to take the next leap in its growth.” said Sanjay Gandhi, Co-Founder and Chief Investment Officer, Gojo.
MyShubhLife is a full-stack financial services platform that offers products such as small and large-ticket personal loans and earned wage access.
It has expanded its portfolio to include mini and microloans, insurance, bill payments, and mutual fund SIPS, among others.
MyShubhLife had earlier raised around Rs 115 crore from investors such as Pravega Ventures, SRI Capital, Saama Capital, BeeNext, Omidyar Network, Flourish Ventures and Patamar Capital.
Gojo was represented by Vertices Partners as its legal advisor. Unitus Capital acted as the financial advisor while Saakshya Law acted as the legal advisor to MyShubhLife.
