The Chennai Angels invests in Finance Buddha

Three year old start-up operates in hybrid marketplace model for financial services products

The Chennai Angels (TCA) today announced an investment in Finance Buddha, a three-year-old company, with a hybrid marketplace model for financial services products like personal loan, unsecured business loan, home loan, loan against property and insurance.

This Pre-Series A round of funding will be used to further develop company's tech platform which will be integrated with various stakeholders in the loan origination, underwriting and disbursal process.

"This is our first round of external funding and we are happy to have TCA as an investor who shares our common philosophy that unit economics and growth need not be mutually exclusive and can co-exist." said Finance Buddha's spokesperson.

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"There have been many start-ups in the Fintech space, but what excites me about FinBud is the quality and thinking of the entrepreneurs, which is informed by their extraordinary domain competence and fantastic execution skills. Unlike unidimensional startups, this business has scale as well as technology" said V Shankar, who led the investment from The Chennai Angels ahd

Finance Buddha which has offices in 12 cities is slated to disburse more than Rs 1,000 crore loans in the current financial year which makes it among the top three loan facilitators in the country.

The company has a team of 200 employees, more than 500 business associates, and setting up pan India infrastructure and active relationships with more than 20 banks/NBFCs. It now aspires to be the leading integrated fintech player.