Stashfin, the Indian neobanking startup, has secured an impressive $100 million in debt funding from domestic investors, following up on last year’s successful $270 million Series C funding round.
This significant capital injection will be instrumental in driving growth and enhancing the customer experience. Stashfin’s founder and CEO, Tushar Aggarwal, expressed his confidence in the new collaborations, which will add momentum to the company’s already successful business model and extensive market demand.
The startup intends to utilize the funds to promote growth and enhance customer experience. They also plan to allocate the capital towards optimizing their portfolio for potential securitization.
Investors bet on Stashfin growth trajectory and product offerings
Tushar Aggarwal, founder and CEO of Stashfin, stated, “It is encouraging to witness the swift growth and positive impact that our unique product offerings and diligent efforts have brought to our partners and stakeholders. These new partnerships will further accelerate our growth trajectory given our strong business model and significant market demand.”
InnoVen Capital’s Managing Director Ashish Sharma added, “We are confident that our partnership with Stashfin will continue to fuel the organization’s positive growth trajectory, and Stashfin will continue to play an integral role in the fintech ecosystem.”
Nilesh Kothari, Co-founder and Managing Director of Trifecta Capital, also expressed his excitement for the partnership with the startup, stating, “We are thrilled to partner with Stashfin, one of the most credible and efficient new-age fintech companies in India that has the potential for exponential growth.”
Stashfin was established by Aggarwal in 2016 and offers credit line cards to underserved segments of the Indian population, allowing users to avail credit and transact instantly. They also provide other financial products, including point-of-sale (PoS) machines, mobile wallets, and payment gateways.
Including their current fundraising, the startup has successfully raised $415 million in equity and debt funding from various investors. Some of their notable backers include Uncorrelated Ventures, Fasanara Capital, and Abstract Ventures, among others.
The startup has reportedly served over 10 million customers. The company’s success thus far is a testament to their commitment to providing innovative solutions and outstanding customer service.
