Stashfin
Key Highlights:
  • Stashfin, A Fintech startup has raised $270 Mn via a mix of equity and debt as part of its Series C funding
  • The capital was raised in two ways: $200 Mn in debt and $70 Mn in equity.
  • Stashfin plans to expand its footprint across Southeast Asia and South Asia with these funds.

Stashfin, A Fintech startup has raised $270 Mn via a mix of equity and debt as part of its Series C funding round led by Uncorrelated Ventures, Fasanara Capital and Abstract Ventures. The startup is now valued between $700 Mn and $800 Mn, After the fundraising.

The startup’s existing investors, including Altara Ventures, Kravis Investment Partners and Snow Leopard have participated in the funding round.

Stashfin was founded in 2016 by Tushar Aggarwal. An underserved segment of the population is offered credit line cards through this platform. Users can avail of instant credit and transact across channels with these credit line cards.

The capital was raised in two ways: $200 Mn in debt and $70 Mn in equity. With participation from existing investors, Uncorrelated Ventures and Fasanara Capital led the equity round of funding. Fasanara Capital led the $200 million credit facility.

Stashfin plans to expand its footprint across Southeast Asia and South Asia with these funds. Additionally, the investment will be used to accelerate its technology development for new products.

The chief operating officer (CEO) of Stashfin Tushar Aggarwal said. “Our fundraising marks an important milestone in this macroeconomic environment… we are poised to become a compound startup, offering a wide spectrum of financial products for consumers. Several exciting products have been launched and an extremely talented team has been onboarded.”

Indian middle-classes are the target audience for the startup, which claims to offer disbursements within four hours.

A clutch of global investors including Altara Ventures and Uncorrelated Ventures led the startup’s $40 Mn Series B funding round last year. Prior to the latest round of funding, Crunchbase reports the startup had raised more than $75 Mn.

It claims to be entirely profitable and to use artificial intelligence (AI) and machine learning (ML) for its underwriting platform. According to the startup, it has grown 10X in the last 12 months, approaching annualized run rate (ARR) of $100M.During the next 12 to 18 months, revenues are expected to exceed $400 million with a growth rate of 4-5 times this year.

In the Indian startup ecosystem, funding has slowed down as a result of the big-ticket fundraiser. As per a report, During the first quarter of 2022 (CY22), fintech startup funding in India fell 45% to $1.77 Bn from $3.2 Bn in Q4 of CY21. Ticket sizes decreased by 40% to $24.5 Mn in Q1 CY22 compared with $40.5 Mn in Q4 CY21.

According to year-on-year (YoY) figures, compared to Q1 CY21, the funding nearly tripled to $1.77 Bn during Q1 CY22.

FinBox, a Bengaluru-based B2B fintech startup, has recently raised $15 Mn in a round of funding led by A91 Partners. Tiger Global led a Series C funding round led by Fintech unicorn slice earlier this month that saw the company raise $50 Mn.

BNPL player Siply, led by QI Ventures, raised $19 Mn this month in its pre-Series A funding round.ShopSe, a startup in the Bay Area led by BEENEXT, Chiratae Ventures and White Venture Capital, raised $6.1 Mn in its Series A funding earlier this month.

For More Startup and Funding-related News Visit Alphafirm.

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