InPrime Finserv, a non-banking finance company (NBFC), announced securing $3 million in equity funding, with Matrix Partners India leading the investment. Existing investors InfoEdge Ventures, Titan Capital, and Kettleborough VC also participated in this funding round.
The funds raised will be utilized to expand the NBFC’s geographical reach and enhance its team in risk, engineering, analytics, and sales. Additionally, InPrime Finserv plans to develop digital channels and credit scoring models and diversify its loan portfolio using the proceeds.
InPrime Finserv, founded in December 2021 by former executives of Ujjivan Small Finance Bank, including Rajat Singh, Manish Raj, and Sneh Thakur, focuses on offering financial services to India’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 of InPrime.
The NBFC incorporates digital footprints from credit bureaus, bank accounts, and various sources, conducting thorough on-field assessments to evaluate customers’ needs and creditworthiness accurately.
“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.
