MyShubhLife Raises INR100 Crore In Series B Funding Round Led By Gojo & Company
The fresh investment will help MyShubhLife grow its NBFC book and increase disbursements through its co-lending partners
Full stack financial services platform, MyShubhLife, announced on Monday to have secured funding of INR100 crore from Gojo & Company. Funds will be utilized to help MyShubhLife expand its footprint with more corporate and large platform partnerships, invest in technology and enlarge its talent pool to offer a seamless, financially inclusive program for the next half billion.
"Since inception, we have focused on the first principles of lending, and given risk management due importance. This approach has also helped us in managing our credit losses during the pandemic. In the last two years, we have transformed into a full stack loan and savings company for the next half billion," said the co-founders of MyShubhLife, Monish Anand and Rahul Sekar in a joint statement.
India's fintech market is one of the fastest growing markets globally. According to a report by FICCI and BCG, India's fintech market valuation is estimated to be $150-160 billion by 2025.
"MyShubhLife is one of the very few digital lenders in India who truly reach the underserved/unserved customer segment through its unique partnership driven phygital approach. The underwriting and analytics capability they have built for this segment is second to none and we are happy to work with the team to take the next leap in its growth." said Sanjay Gandhi, Co-founder & chief investment officer, Gojo.
MyShubhLife is a full stack financial services platform that offers products such as small and large-ticket personal loans and earned wage access. MyShubhLife had earlier raised around INR115 crore from marquee Seed and Series A investors like Pravega Ventures, SRI Capital, Saama Capital, BeeNext, Omidyar Network, Flourish Ventures and Patamar Capital. The fresh investment will help MyShubhLife grow its NBFC book and increase disbursements through its co-lending partners.