Fin-Tech firm starts its operations in Punjab, invests INR 30 Cr

New Delhi/Punjab, India: New Delhi headquartered Fin-Tech Startup; added another feather to its cap by expanding its operations in Punjab. Going ahead with its rapid expansion plan, the company invested INR 30 Cr in Punjab while focusing on key cities like Chandigarh, Ludhiana, Ambala, Jalandhar and Amritsar.

Ranked 14th on the GDP index, 46% of population in Punjab comprises of serviced individuals. The city holds great significance for start- ups like as the company serves the short-term financial needs of serviced individuals.

Launched in 2018, was initiated with an objective of helping salaried individual with their emergency financial needs as the company’s founder Mr. Sachin Mittal came across various situations where people get stuck in a financial crunch and although they require small amount but the urgency of money is so immediate that waiting in long queues to get loan is not a fruitful option. Catering to this immediate need of finance is that ensures quick loan approval using its data-driven algorithms and advanced technology system like CIBIL analyzer, data in phone, text, social media connections to simplify loan application and fasten loan sanctioning.

Commenting on the growth prospects in Punjab, Mr. Sachin Mittal, Founder, said, “Continuing our expansion drive, we have entered Punjab with our offices across all major cities in the state like Chandigarh, Ludhiana, Ambala, Jalandhar and Amritsar to provide short-term emergency loans.”

Mr. Mittal further added, “We will be investing Rs. 30 Cr in the state over the next one year. Right from the onset, Punjab is showing great potential to be amongst the better states served by”

Incorporated in the year 2018, already has offices in Delhi, Mumbai, Pune, Bangalore, Gujarat, Hyderabad, Chennai, Kolkata, Madhya Pradesh and Telangana at present and is speedily spreading its wings in the remaining parts of the country. The fin-tech start-up plans to grow by 200% by 2020 December.

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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.