Fintech platform Stashfin on Wednesday announced that it has raised $100 million with InnoVen Capital and Trifecta Capital participating as new debt partners. The debt raise comes as a follow up to the Series C round of funding of $270 million in H1 '2022 which valued Stashfin at about $730 million and was one of India’s most notable funding rounds of the year.

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It also saw participation from a host of domestic lenders. The platform will utilise the funds to optimise the portfolio for potential securitisation as it continues to drive rapid business growth and superior customer experience enabling financial inclusion for various segments of the society, it said in a statement.

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Tushar Aggarwal, CEO and Founder of Stashfin said, "We look forward to this new partnership with InnoVen and Trifecta Capital as we continue our journey of providing fair and transparent access to capital for Indian consumers. We also thank our existing partners for their continued trust enabling us to help our customers build creditworthiness, thereby fulfilling their needs and aspirations."

"It is promising to see how our efforts and unique product offering have helped us scale swiftly and benefited all of our partners and stakeholders. The new collaborations will add more velocity to our growth given our robust business model and extensive market demand," Aggarwal added.

Founded in 2016, Stashfin has witnessed several positive developments such as ICRA upgrading the firm’s rating to BBB (Stable) / A3+ for its group company Akara Capital Advisors Private Limited (ACAPL), the company said in a statement.

The company has recently issued its first debt issue to retail investors on a credit platform called Wint Wealth which was subscribed to within a few minutes, it added.

Commenting on the same, Ashish Sharma, Managing Partner of InnoVen Capital, said, "Stashfin has a strong strategic vision and has witnessed extensive growth with profitability at its core. Fintech is a vibrant industry and players like Stashfin are defining a new category by enabling access to funds for under-served segments. We are confident that our partnership will further drive positive growth for the organization and Stashfin will continue to play a crucial role in the fintech ecosystem."

Nilesh Kothari, Co-founder and Managing Partner of Trifecta Capital, said, "We are delighted to partner with Stashfin. They are amongst the most efficient and credible new age fintech companies in India with potential for exponential growth."

"Stashfin’s strong technology stack and innovative financial solutions have bridged the gap between growing credit demands and access to funds. Stashfin is solving the unmet needs of Indian consumers in a responsible way, and we are excited to be a part of their journey," Abhishek Gupta, Partner of Trifecta Capital said.

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First Published:Mar 22, 2023 10:20 PM IST