The round values Stashfin at around $800 million, the company said in a statement on Tuesday.
Existing investors Altara Ventures, Kravis Investment Partners and Snow Leopard also participated in the round.
Stashfin plans to use the funds to expand its footprint in South Asia and Southeast Asia, and upgrade its technology for new products, the statement said.
Founded in 2016 by Tushar Aggarwal, StashFin has a non-banking binancial company (NBFC) licence in India. It offers credit lines through a Visa card to middle-class Indians, offering loans starting at Rs 10,000.
“We are now at the cusp of transforming into a compound startup, offering multiple financial products for consumers with a wide spectrum of credit risks. We have launched some exciting products and onboarded an extremely talented team,” Aggarwal said.
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In the past 12 months, Stashfin claims to have registered around 10-fold growth in its monthly business and is currently nearing an annualised revenue run rate (ARR) of $100 million.
“The company has registered nearly 10 million customers on its platform since inception and is projected to grow 4-5x this year, with ARR expected to grow to $400 million over the next 12-18 months. The company has already turned profitable,” Aggarwal added.
StashFin also offers customised solutions to its customers powered by its homegrown artificial intelligence (AI) technology. It recently launched a credit line card for women that aims to provide greater financial freedom. Its cards allow users to avail of instant credit and transact across channels, including ATM withdrawals.
“Digital retail lending in India is growing fast. Stashfin’s product and technology stack are impressive… the underwriting platform is not only profitable but scales with attractive unit economics amid challenging market conditions,” said Salil Deshpande, founder and general partner at Uncorrelated Ventures.
StashFin had raised $40 million in a Series B equity round in April 2021 led by a clutch of global investors including Altara Ventures and Uncorrelated Ventures. Others such as
, Kravis Investment Partners, Saison Capital and Tencent Cloud Euro also participated.
