" "

InPrime Finserv raises $3M led by Matrix Partners India, existing investors

ISN Team
New Update
InPrime Finserv

InPrime Finserv Founders Rajat Singh, Sneh Thakur, and Manish Raj

Non-Banking Financial Company (NBFC) InPrime Finserv has raised $3 million in a Series A funding round led by Matrix Partners India, with participation from existing investors including InfoEdge Ventures, Titan Capital, and Kettleborough VC. 

Prior to this round, the startup raised $1.45 million in a seed round in November last year led by Titan Capital, Info Edge Ventures, Kettleborough VC, and other indivdual investors. 

Expanding geographical footprint

According to the startup, the raised capital will be used to expand its geographical footprint and bolster the team across various departments such as risk, engineering, analytics, and sales. 

Additionally, the funds will aid in the development of digital channels, credit scoring models, and the expansion of its loan portfolio. 

What does InPrime do?

InPrime, founded in December 2021 by Rajat Singh, Manish Raj, and Sneh Thakur, follows a hybrid lending approach, which combines traditional lending practices with modern, data-driven, and digital techniques.

The startup focuses on the prime segment within the informal economy, aiming to revolutionize the lending experience with tailored credit products.

“India’s ambitious target of achieving a $5 trillion economy by 2030 necessitates the informal economy to grow in tandem with the formal sector. InPrime is dedicated to addressing the escalating credit demand within the informal economy,” Rajat Singh, cofounder and chief executive, of InPrime, said.

InPrime growth

Last year, InPrime received a Certificate of Registration from the Reserve Bank of India in 2023 and launched its credit platform and quickly built a loan book of over Rs 2 crore.

The startup, which provides unsecured loans to households in the informal economy, plans to expand its presence across Karnataka and into the National Capital Region (NCR). With an average loan size of Rs 1-3 lakhs, InPrime aims to address the fragmented lending market in its target segment.

Avnish Bajaj, founder and managing director of Matrix Partners India, said, “A core part of India’s economic growth is driven by small and medium businesses in the informal sectors of ‘Bharat’. InPrime’s objective of serving this sector with tailored products to help them be part of the $5 trillion and then $10 trillion Indian GDP is incredibly inspiring and necessary.  Led by Rajat, the InPrime team with co-founders Sneh and Manish has all the skills necessary to build a large financial services business and it is a privilege to partner with them on this journey. We are excited to support their mission of empowering small businesses and contributing to digital nation-building."

Join our new WhatsApp Channel for the latest startup news updates