New Delhi based Fintech NBFC Prest Loans recently raised fresh equity from existing investors. It raised about Rs. 37.10 million as per the information provided by the company.
Prest Loans is the trade name of RBI registered NBFC Lord Krishna Financial Services Ltd. which was acquired by financial market expert Ashok Mittal in July this year after getting RBI's approval.
"This round of fund raising shall help us strengthen our balance sheet and in-turn leverage more to meet the robust demand we are witnessing. We have aggressive expansion plans and aim to disburse loans worth Rs. 100 cr within three years to small businesses," said founder and CEO of the company, Ashok Mittal.
The company has developed a high-end algorithm; it does not depend on financial information alone but uses thorough analysis of alternate data to arrive at the amount, tenure and rate of interest among other required information.
The decision to approve the loan is taken within minutes and post verification, the loan is disbursed within a maximum of three days.
"We have already gotten debt funding from AU Small Finance bank, and with this round we shall be able to raise more debt funding from other institutions. This is already in the pipeline as we expect good off-take in the next 3-6 months," added Mittal.
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Prest Loans has different products to meet the need of small businesses, including offering unsecured business loans, short term secured loans and long term secured loans, to name a few, depending on the need and profile of the applicant.
It does not have any overdue or doubtful debts due to strong credit mechanism. The average ticket size is 3 lakh, 5 lakh and 15 lakh respectively for the above mentioned products.
Prest Loans has informed that it will use the funds to improve and strengthen the technology platform for better customer experience and meet the ever-increasing credit demand.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)