Friday, May 10, 2019

Nitstone Finserv to Raise 150 Crores for growth

Bangalore, 8th of May: Bangalore-based Non-Banking Finance Company, Nitstone Finserv is all set to raise fresh funding of Rs. 150 crores from new investors.
Nitstone Finserv is in discussions with investment bankers and VCs to raise Rs. 150 crores to finance the next phase of their growth. The NBFC which was launched in 2018 and has already notched up a significant portfolio of consumer loans.
Nitstone has acquired the best-in-class technology including AI-powered credit decision-making tools that are used by industry. The customer acquisition strategy is digital and physical, through a network of partners and sales force, and the business model is uniquely characterised by a data-powered segmentation strategy, efficient and effective operating workflows and a robust governance mechanism.
Nitstone’s Executive Vice President, Govindan Eaden said, “We are confident of securing equity and debt funding in the near term to launch the next phase of growth including recruitment of data scientists, a mobile sales force and best of breed lending technology.”
Nitstone Finserv was established in 2018 to cater to the aspirational needs of the common man by offering personal loans and consumer loans. Nitstone’s vision is to drive and broaden financial inclusion for the underserved population by providing a positive and safe borrowing experience.
Nitstone Finserv specialises in lending personal loans and new to credit loans and will soon cater to Small & Medium Businesses by offering business loans.

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