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India’s Money View is in talks to raise new funding at a unicorn valuation, two sources familiar with the matter told TechCrunch. Moon.
Apis Partners, a Bengaluru-based start-up with a valuation of about $1 billion, is considering leading a funding round of about $125 million to $150 million, sources say. said the muscle. The terms of the deal are subject to change as the Series E round has not yet been finalized, the sources warned, speaking on condition of anonymity about the non-public information.
Apis Partners, Money View and the startup founder did not respond to requests for comment Wednesday night local time.
The eight-year-old startup, which reached a $615 million valuation in a Series D round in March of this year, provides loans to individuals who lack access to credit from banks and other financial institutions. The startup has said in the past that the majority of its customers live in smaller Indian cities and towns.
“India is one of the most underserved large countries when it comes to access to credit. Over 70% of bank-provided credit is only given to the top 10% of wealthy Indians.” explains on the website.
“The most underserved segment is those with an income of less than 5L. [$6,070] Year. Money View aims to bridge this credit gap by offering customers personalized loans through robust data and risk assessment models. The company’s proprietary data model provides a 360-degree risk assessment, enabling credit in underserved segments. ”
Money View — existing backers include Ribbit Capital, Tiger Global and Accel — has been profitable for more than a year, founder Puneet Agarwal said in a May press statement. Equivalent to approximately $80 million.
“In the age of cash-burning businesses, we are one of the few fintech startups that has been profitable for over a year,” Agarwal said in a May press release.
Deal flow activity has slowed dramatically in South Asian markets as investors wary of writing new checks and evaluating underwriting models after listed company valuations plummeted From time to time, there will be deliberations on that new funding.
Indian startups raised $3 billion in the quarter ended September, according to market intelligence platform Tracxn.
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