expands its presence in Western India

business loan

New Delhi/ Ahmadabad, India: Gujarat is the largest inland industrial center and the second largest industrial center in western India after Mumbai and with a GDP of US$190 billion, Gujarat has huge potential for instant loan services. Sensing this, New Delhi based fin-tech start-up, that specializes in providing emergency loans at lightning speed to- salaried individuals today announced its expansion in Gujarat with presence across Ahmedabad, Vadodra, Surat and Gandhinagar. The company has administered Rs 20 CR, specifically for Gujarat.

Observing the ongoing increase in demand from Tier I and II cities for instant loan services, Gujarat- the 5th highest GDP grosser prospects as a key market. The current economic base in the state is dominated by Gems and Jewellery, Pharmaceutical, Chemical and Textile industry. With the presence of large number of people in the service sector, the city holds great significance for start- ups like was formed with an objective of helping our serviced individual for their emergency financial needs. Often, people are stuck in a financial crunch where although the required amount is small but the urgency of money is so immediate that waiting in long queues to get loan is not possible. Providing a solution for such strata of people, ensures quick loan approval using its data-driven algorithms and advanced technology system like CIBIL analyser, data in phone, text, social media connections to simplify loan application and fasten loan sanctioning.

Commenting on the growth prospects in Gujarat Mr. Sachin Mittal, Founder, said, “Continuing its development thrust, is launching its services in Gujarat, with offices in Ahmedabad, Vadodra, Surat and Gandhinagar to cater to the short-term financial needs of the State. Similar to the other newly launched states (Chennai and Kolkata earlier this year), a provision of 20 crores have been set aside for the year.”

Mr. Mittal further added, “The business taking a flying start and we have already 10 lakhs worth of disbursal that has been affected with a matter of weeks. Progressively efforts are on to spread our wings further in the state.”

Incorporated in the year 2018, already has offices in Delhi, Mumbai, Pune, Bangalore, Hyderabad, Chennai and Kolkata 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.

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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.