InPrime FinServ Raises $1.45 Million Seed Fund The fund raised will be used to ramp up hiring, conclude product development and initiate the process to apply for an NBFC license from the Reserve Bank of India
By Teena Jose
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Bangalore based tech enabled financial services startup InPrime has raised $1.45 million in a Seed funding round led by Info Edge Ventures and the round also saw participation from Titan Capital, Kettleborough VC and other angels. Some of the notable angel investors are senior industry leaders like Samit Ghosh (founder and former MD, Ujjivan SFB), Pritesh Gupta (managing partner, MyAsiaVC), Shashank Kumar (co-founder, DeHaat), Satish Perala (co-founder, Cybrilla), Amit Mantri & Savi Jain (co-founders, 2point2 capital). The fund raised will be used to ramp up hiring, conclude product development and initiate the process to apply for an NBFC license from the Reserve Bank of India.
"InPrime's mission is to recognize the evolving financial needs of the informal prime customers and build suitable products and services to fulfil these needs. We are thankful to InfoEdge Ventures, Titan Capital, Kettleborough VC and all our angel investors for supporting us in this journey of taking forward the baton of financial inclusion in India," said Rajat Singh, co-founder and CEO, InPrime Finserv.
InPrime's strong position to achieve the mission of financial inclusion is backed by some critical factors such as over three decades of combined banking experience with its founders, the uniquely designed and easy-to-use products for the target segment, the use of alternate sources of data, and a proprietary credit underwriting algorithm, claimed by the company in a statement.
"Winners still tend to 'differentiate' themselves largely on their execution. Rajat, Sneh and Manish were leading collections, credit and a substantial proportion of the entire book at one of the most successful small finance banks in the country. When a founding team like this comes together, you have to back their ability to execute," said Chinmaya Sharma, partner, InfoEdge Ventures.
