Mumbai Cashe, a credit-based and AI-powered financial wellness platform, said on Wednesday that it has shut down 140 crore equity funding from its Singapore based holding company TSLC Pte Ltd.
The latest round of capital infusion strengthens the size of the Mumbai-headquartered fintech company’s balance sheet 800 crores which constitutes approx. 300 cr in equity and more 500 crore was raised through loans from a well-diversified pool of leading private banks and reputed NBFCs,” it said.
With this new capital, the company said it will continue to boost its profitability, growing existing product lines such as personal loans, BNPLs, lines of credit and the embedded card business.
“It aims to launch new offerings in WealthTech and increase its investments in operations, product development, data science and technology. It aims to double the strength of its team across all domains to seamlessly manage future growth. It tries to expand its loan book 3,000 crore and has increased its user base from the existing 4 lakh customers to 10 lakh in FY 2022-23,” the company said.
V. Raman Kumar, Founding President of Cache said that achieving Vision 3.0 is the next frontier of its growth and opportunity.
“We have set our goal to become a full-stack, credit-based financial wellness platform for the Millennial and Gen Z cohort. The new capital investments reflect a meaningful maturity level of Cash’s balance sheet, profitability and business model, Kumar said.
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