InPrime Finserv has raised $3 million in Series A round led by Matrix Partners India. The round also saw participation from existing investors, InfoEdge Ventures, Titan Capital and Kettleborough VC, the company notified via a statement.
According to the statement, the company intends to use the fresh funds to broaden its geographical presence, grow the team across risk, engineering, analytics and sales, develop digital channels and credit scoring models, and expand its loan portfolio.
Rajat Singh, Co-founder and CEO, InPrime, said in the statement, “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 address the escalating credit demand within the informal economy, facilitating their contribution to India’s growth story.”
The statement further mentioned that the company aims to revolutionise the lending experience for the prime segment of customers within the informal economy by providing tailored and relevant credit products.
Avnish Bajaj, Founder and Managing Partner, Matrix Partners India, also said in the statement, “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 to help them be part of the $5 trillion and then $10 trillion Indian GDP is incredibly inspiring and necessary. Led by Rajat, the InPrime team with co-founders Sneh and Manish has all the skills necessary to build a large financial services business and it is a privilege to partner with them on this journey. We are excited to support their mission of empowering small businesses and contributing to digital nation-building.”
In November 2022, the company had raised $1.45 million from InfoEdge Ventures, Titan Capital, Kettleborough VC, and other investors. In 2023, it achieved a milestone by obtaining a Certificate of Registration (COR) from the Reserve Bank of India to operate as a Non-Banking Financial Company, noted the statement.
InPrime is co-founded by Rajat Singh, Manish Raj and Sneh Thakur, the statement concluded.
