IndiaLends will build its lending-as-a-Service platform over the coming months which will allow any third-party entity to integrate a loan marketplace within their platform through Application Programme Interfaces. In an interview with MediaNama, Gaurav Chopra, the platform's founder and chief executive officer, said that with weak credit penetration in India the company wants to partner with third-party players to offer personal loans and other credit products. This has two benefits, Chopra said. The first, it will expand IndiaLends' platform to new sets of users who otherwise would not have come to their platform, and second, it helps third-party players integrate financial services within their platform even if lending is not their primary business, he explained. IndiaLends recently raised $5.1 million from existing investors ACP Partners and DSG Consumer Partners. The company has over 8 million customers and has disbursed more than Rs 2,000 crore in person loans since its launch. Chopra said that they will use this money to digitise their processes to a greater extent to make it seamless, build on their API stack and hire new employees from the data science and engineering field. “This fresh round of financing comes at a critical point in our business, enabling us to build our services and offer innovative products to our customers, as we usher into the next phase of growth.Although the pandemic had a severe impact on the sector, it has also led to the belief that digital lending is now the new normal. This investment is a testament…
