Fintech start-up Shubh Loans on Tuesday said it has received a licence from the Reserve Bank of India to set up a non-banking financial company. The company said the licence has been received through the subsidiary — Ekagrata — of its parent company Datasigns Technologies.
Shubh Loans said it has already raised series A2 funding of Rs 34 crore (USD 4.8 million) from Omidyar Network India. Shubh Loans, which is fast changing the way loans are disbursed and making credit accessibility easier, is set to implement NBFC compliant frameworks and governance processes, it said in a release.
Shubh Loans Chief Executive Officer and founder Monish Anand said, “Our customers have a lot to benefit from the new status given by the RBI. The NBFC certification is a shot in the arm that will us to serve more under-served segments, enable co-lending with our partners, and also help in optimizing our borrowing rates.”