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Yenmo raises Rs 9.2 Cr led by Y Combinator

EntrackrEntrackr · 5m ago
Yenmo raises Rs 9.2 Cr led by Y Combinator
Medial

Yenmo, which provides instant loans against mutual funds, has raised Rs 9.2 crore in a funding round led by Y Combinator, with participation from Pioneer Fund, Zaka VC, and other angel investors. The proceeds will be utilized to expand product offerings, enhance technology, drive market growth, and strengthen operational scale and the team, Yenmo said in a press release. Co-founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo is dedicated to providing the best credit products in India. Starting with loans against mutual funds, it is expanding into secured credit products over stocks, insurance, and digital assets. Customers can access loans digitally through the Yenmo app, available on Android and iOS. The Bengaluru-based startup aims to make loans a tool for empowerment. As the company adds new products, its commitment to ethical practices will remain at the forefront of its design and delivery. Yenmo is addressing gaps in the lending industry by offering loans against mutual funds with interest rates as low as 10.5%, significantly lower than the 30%+ charged on personal loans. The platform designs solutions based on customer feedback to eliminate pain points, supported by real human assistance rather than automated bots. Yenmo plans to introduce new secured lending products, including loans against stocks and other financial instruments. It also offers a savings account feature that combines higher interest earnings with liquidity access. The company has built and refined its digital platform to provide a seamless 10-minute loan application process, ensuring security and efficiency.

BharatPe to offer two-wheeler loans and loans against mutual funds for merchants

EntrackrEntrackr · 11m ago
BharatPe to offer two-wheeler loans and loans against mutual funds for merchants
Medial

Fintech unicorn BharatPe has announced its foray into facilitation of secured loans for merchant partners on its platform. The company has launched facilitation of two-wheeler loans and loans against mutual funds (LAMF) for its existing merchant partners in the first phase. BharatPe has partnered with OTO Capital, a digital commerce and lending platform, for enabling two-wheeler loans while it has tied up with Volt Money to facilitate Loans Against Mutual Funds to its merchant partners. According to BharatPe, its merchants can now avail two-wheeler loans of up to Rs 2.5 lakh at competitive interest rates for a repayment period between 12- 48 months. With the launch of loans against mutual funds, these merchants can also avail loans of up to Rs 1 crore. The firm added that the loan disbursal and collections will be taken care of by the partner at their end. The Peak XV and Tiger Global-backed company is set to expand its offerings over the next three months, introducing a diverse range of products and lenders to meet the needs of merchants. Recently BharatPe invested around $8-9 million in its non banking financial (NBFC) arm Trillion Loans and increased its stake in the Mumbai-based firm to nearly 60%. Entrackr exclusively reported the development. It also raised Rs $10 million in debt through non-convertible debentures from Trifecta Venture and InnoVen Capital.

DSP Mutual Fund acquires Volt Money

EntrackrEntrackr · 5m ago
DSP Mutual Fund acquires Volt Money
Medial

DSP Mutual Fund has acquired Volt Money, a platform providing instant secured loans against mutual funds, according to three sources aware of the development. “The two companies were in talks for the past few months and the deal ultimately closed last month. Following the acquisition, Volt Money key team members will join DSP Mutual Fund,” said one of the sources requesting anonymity as talks are private. Volt Money collaborates with lenders and distribution partners to provide instant secured loans with favorable terms. The company offers credit lines ranging from Rs 25,000 to Rs 1 crore, with interest rates starting at 9% and flexible repayment options. Led by Lalit Bihani, Ankit Agarwal, and Bharat Lamba, the firm raised $1.5 million in a Seed round led by Titan Capital and All In Capital, with participation from individuals including Praveen Jadhav of Raise Ventures, Aditi Kothari of DSP Adiko Holdings, Gemba Capital, Kunal Shah of Cred, and Ashish Kehair and Rahul Jain from Nuvama Wealth. Managed by DSP Investment Managers, DSP Mutual Fund offers investment products across equity, debt, hybrid, and international funds. According to sources, the deal did not provide significant returns for investors. “Volt was unable to secure a follow-on round after its seed funding, but this is a reasonable outcome for the founders,” said another source who wished to remain anonymous. Queries sent to Volt Money and DSP Mutual Fund did not elicit responses until publication of the story. Volt Money competes with Quicklends and DhanLap. Last year, fintech unicorn BharatPe also entered the loans-against-mutual-funds space through a partnership with Volt Money.

50Fin raises $550K led by Arali Ventures and Nitin Gupta

EntrackrEntrackr · 1y ago
50Fin raises $550K led by Arali Ventures and Nitin Gupta
Medial

Fintech startup 50Fin has secured $550,000 in its latest funding round spearheaded by Arali Ventures and Nitin Gupta. Previously, it had secured Rs 4.25 crore ($500K) in a pre-seed funding round co-led by 100X.VC, Keynote Capital and Arun Venkatachalam. T in July last year. The new influx will help 50fin to fuel its expansion plans and technological advancements, the company said in a press release. The firm also looks to expand distribution and scale infrastructure offering to NBFCs. Co-founded in 2022 by Aditya Srinivas Prasad and Darpan Samir Tanna, 50Fin offers instant loans against mutual funds and shares to customers. The company has streamlined the entire loan process, completing everything from sign-up to loan approval in just 7 minutes and without the need for physical documents and CIBIL checks. 50Fin has cemented strategic partnerships with industry giants such as Fi Money and Bajaj Capital, offering LAS solutions to a diverse clientele. The company claims to have experienced exponential growth since the last funding round as its distribution capacity has surged by over six times.

Quicklend raises Rs 6.75 Cr in pre-seed round

EntrackrEntrackr · 6m ago
Quicklend raises Rs 6.75 Cr in pre-seed round
Medial

Quicklend, a secured lending platform, has raised Rs 6.75 crore (around $774K) in its pre-seed round led by Inuka Capital, Eximius Ventures, Upsparks Capital, GrowX, and a group of strategic angel investors. The proceeds will be used to scale its operations, enhance its technological capabilities, and introduce innovative features that redefine the lending experience. The company is set to allocate significant resources towards research and development. Founded by Arunkumar Jadhav, Abhishek Uppala, and Raghuram Trikutam, Quicklend offers fast, transparent, and easy lending solutions for borrowers while equipping lenders with advanced portfolio management tools. The Bengaluru-based startup also launched its Loan Against Mutual Funds (LAMF) product in collaboration with Bajaj and a consortium of prominent NBFCs. LAMF is a loan that enables borrowing by pledging Mutual Fund units as collateral. Similar to other asset-backed loans, it offers financial flexibility with the added advantage of a fully digital process.

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