Aries Financial Technology Pvt Ltd operated personal loan application CASHe raise Rs.25 Crore of Series A funding from Blackstone group’s former PE business co-head Mathew Cyriac and other investors. The funding round was advised by FlorinTree Advisors. Post funding round, Dr Pulak Ghosh and Mr Mathew Cyriac from IIM-Bangalore will join the Board of Members at the startup.
CASHe provides timely EMI payments or squaring monthly bills, making a major purchase that user’s desire. It was founded in the year 2012 by V.Raman Kumar. The startup disburses short-term personal loans of Rs 5,000-1 lakh to young professionals based on their earning potential and social quotient. Last year, the startup has also secured a credit line from Kotak Mahindra Bank.
Mr V. Raman Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd., commented; “We are very excited to have finalised the Series A funding from the investor group led by Mr Mathew Cyriac and advised by Florintree Advisors. We thank our new investors for their confidence in CASHe. We have big plans for the business and are proud to have a team on board that share and believe in this vision. I also welcome Dr Pulak Ghosh and Mr Mathew Cyriac to the Board of Directors.
He further commented, “An influential scientist and thinker, Dr Ghosh brings to CASHe his enormous domain knowledge, experience and expertise in big data analytics to CASHe. His inclusion further reinforces the preeminent position that CASHe has established itself in the AI, Data Analytics and Machine Language backed new age financial technology space in India.”
CASHe runs on both android and iOS platforms. It has over 1 lakh downloads and 20,000 registered users. They claim to disbursed loans worth Rs 50 Crore and aim to disburse Rs.1000 Crore of loan book by next year.
CASHe provide lending amount from Rs.18,000 to Rs.20,000 for 15-30 day period, and Rs.45,000-55,000 for the 90-day credit period. The fresh funds will be used to solidify its position as the leading app-only lending platform. Read more about Indian Startup Ecosystem.