Bangalore-based fintech startup, InPrime FinServ has raised $1.45 million in series seed round funding led by InfoEdge Ventures, Titan Capital, and Kettleborough VC.
The round also saw participation from angel investors including Samit Ghosh (Founder and former MD, Ujjivan SFB), Pritesh Gupta (Managing Partner, MyAsiaVC), Shashank Kumar (Co-founder, DeHaat), Satish Perala (Co-founder, Cybrilla), Amit Mantri & Savi Jain (Co-founders, 2point2 capital).
The startup plans to channel this fundraising to ramp up hiring, conclude product development and initiate the process to apply for an NBFC license from the Reserve Bank of India.
Speaking on the funding in InPrime Finserv, Chinmaya Sharma, Partner, InfoEdge Ventures said, “It is our strong conviction that lending is an execution play. There have been few changes to this business in the 3000-odd years it has existed for. Winners still tend to ‘differentiate’ themselves largely on their execution. Rajat, Sneh, and Manish were leading collections, credit, and a substantial proportion of the entire book at one of the most successful small finance banks in the country. When a founding team like this comes together, you have to back their ability to execute.”
Commenting on the investment round, Rajat Singh, Co-founder & CEO, InPrime Finserv said, ”InPrime’s mission is to recognize the evolving financial needs of the informal prime customers and build suitable products and services to fulfill these needs. We are thankful to InfoEdge Ventures, Titan Capital, Kettleborough VC, and all our angel investors for supporting us in this journey of taking forward the baton of financial inclusion in India.”
Further talking about the funding round, Bipin Shah, Partner, Titan Capital said,“ Massive credit gap across semi-urban & rural areas is a known story. InPrime’s focus on this market using the phygital model and Rajat, Manish & Sneh’s deep conviction for the segment and their extensive experience of lending business made us jump to be part of their journey.”