50Fin Raises INR 4.25 Crore In Pre-Seed Funding – Entrepreneur

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By Teena Jose Jul 4, 2023
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50Fin, a financial technology company, raised INR 4.25 crore funding round led by 100X.VC, Keynote Capital and Arun Venkatachalam. The round also saw participation from various angel investors, including KRS Jamwal, Aniket Nikumb (Founding Member of Mensa Brands), Manish Kumar (Founder of KredX), Sumit Khadria (CFO of Ebix), Rajesh Sawhney (Founder GSF Accelerator), Dinesh Agarwal (Founder – IndiaMart), and several others. The company intends to utilize the funding for further enhancement of its embedded solutions and improving its product portfolio and customer servicing.
“When we started, we knew we wanted to create a niche in the market. Today, we take pride in streamlining the loan disbursement process for customers. We have received a positive response from our users, and this motivates us that we are on the right path. The team has been working dedicatedly and has successfully launched a fully digital process to enable instant underwriting of mutual funds and shares. We are grateful to the industry stalwarts for believing in us and supporting us in our growth journey. We are looking forward to a progressing future and shall continue to stay focused on our mission of democratizing and digitizing secured credit for Bharat,” said Aditya Prasad, co-founder and CEO, 50Fin.
50Fin is on a mission to transform the secured credit landscape in India. According to an official statement, currently, 50Fin is integrating its platform with leading Asset Management Companies and Portfolio Management Services. It also added that the company is on its mission of disbursing INR 100 crore loans by the end of the current financial year.
“50Fin has talented and grounded Founders whose digital platform simultaneously promotes both equity ownership and access to credit, without having to choose between the two, to the under-served middle to low income households,” said KRS Jamwal, serial angel investor.
Founded in 2022 by Aditya Srinivas Prasad and Darpan Samir Tanna, 50Fin offers instant loans against mutual funds and shares to customers.
News Desk Reporter with Entrepreneur India
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