India’s leading digital-lending platform for SMEs, Clix Capital has raised $40 million as fresh funding from its existing investors AION Capital Partners Ltd, and its promoters Pramod Bhasin, and Anil Chawla.
The new round funding, which led by AION Capital Partners, “Will allow the company to expand its business across in varied segments, especially consumer finance and digital platforms,” the company in its statement said.
The company, which has a presence across 12 Indian cities, and envisages deeper penetration in the markets, will use the fresh funding to continue planning its steady credit quality-led growth and focus on the retail-lending segment to achieve 70 percent composition by March 2020.
Further adding to the statement, Clix stated: “The company believes the current liquidity squeeze in the lending space is likely to present additional opportunities of selective acquisitions.”
Speaking on the new round funding, Pramod Bhasin, Promoter & Founder, Clix Capital, said, “At Clix, we are continuously trying to bridge the credit gap in the unserved and underserved segments such as new-to-credit customers and MSMEs.”
“I’m delighted at the latest infusion of the funds, which reinstates our confidence and trust in Clix’s potential, We believe that despite the current economic scenario, India represents a huge opportunity in the long-term,” Pramod added.
Adding more on the AION Capital’s investment in Clix, Parth Gandhi, Senior Partner and Managing Directors at AION Capital, said: “Quality and scale will determine success in financial services in the future. Apart from the infusion of capital, as a majority partner.”
“We are committed to bringing in our global best experiences and expertise in technology and practices to Clix’s business. We would attempt to grow the Clix business steadily while maintaining a watchful eye on asset quality and profitability,” Parth added.