RupeeRedee – a technology driven lending platform for the millennials and underserved category of customers, has achieved another milestone with 2 Million funding growth from Debt & Equity & successfully disbursed 251 crore loans in 2020-21. The digital lending platform is moving on its growth trajectory while strengthening its product line, partnerships and presence in the Indian Fintech Market.
RupeeRedee operates under its own Captive NBFC FincFriends Private Limited to facilitate short-term personal loans coupled with digital lending services. It has deployed various forms of underwriting including alternate data sources, not restricting to credit score-based underwriting. In a short span, the digital lending platform has witnessed 4X growth in customer acquisition with 5 million+ app installations and successfully disbursed 1 Million Loans.
Delighted with the company’s performance, Mr. Artem Andreev, Country Head, RupeeRedee, FincFriends said, “Considering the growth numbers, we are delighted to be known for offering fintech solutions and products based on customer needs. We have witnessed last year a revolutionary year for RupeeRedee, recording immense growth in the market and looking forward to cementing its market leadership.”
Being present for 4 years in the market, RupeeRedee has disbursed over 1 Million+ loans in the last three years. In addition, it issues over 4000 loans per day and plans to disburse 10,000 loans per day by the end of March 2023.
To accelerate business growth, RupeeRedee emphasised on ensuring cost optimization and overcoming scalability challenges. This has resulted in an avg. growth of the company’s revenue by 3X for captive NBFC FincFriends and 4X for RupeeRedee(Money Mitra IT Solutions).
Furthermore, to accelerate the development of future offerings, the company announces its plan to double the team size in the next 4 months and have 100 employees by the end of the year. The addition to its existing team will majorly belong to the Engineering, Operations and Marketing department to maintain the company’s internal innovation index, partnership opportunities and new product launches.
“Finding the best talent in the digital lending market is not easy. However, because of the boost in remote work culture, the industry is looking for fresh talent to steer the future of the digital lending field and hoping for the diverse recruitment for the varied segment ”, he added.
VP-Product, Marketing & Business Mr. Ajay Chaurasia also commented on the growth. “ RupeeRedee has seen immense attraction from customers all across India in last 12 months. We have almost 5 times more online applications compared to the last 3 years. We are now diversifying our product portfolio for our existing and new customers which will allow us to grow further. We are also open to partnerships with more NBFCs to serve more customers. We are looking to raise Debt funding from Banks and NBFC’s to increase our book multifold and target of 5 Million Dollar has been set to raise before March 2023”
Incepted in 2018, the company has grown multifold that has resulted in the company to book profits for the first time in 3 years. Considering the company’s present business growth, it is considering raising ‘5-10 Million Dollars in Debt Funding or by Issuing bonds’ to impel technological expansions, accelerate sales and marketing efforts and prepare itself for global scale. It is also looking forward to achieve another milestone of 10 million + installations by the next financial year.