- June 1, 2018
- Posted by: jaymanpandya
- Category: Uncategorized
This article was originally published on LiveMint.
CoinTribe Technologies Pvt. Ltd, an online lending platform for small and medium enterprises (SMEs), has raised $10 million in its series B round of funding, led by private equity fund Sabre Partners along with participation from existing investor Puneet Dalmia.
Gurugram-based CoinTribe, founded in 2015 by Amit Sachdev, Manish Chaudhari, Manish Chaudhari and Rohit Lohia, currently offers unsecured term and working capital loans to small businesses. The company claims to use its own proprietary credit algorithm to underwrite loan applications.
The start-up will use the fresh capital to enhance its credit underwriting algorithm, expand to new markets, and develop its technology base. With the current round of funding, the total equity capital raised by CoinTribe stands at $15 million.
CoinTribe’s lending partners include Axis Bank, Yes Bank, RBL Bank, DBS, IIFL, Clix Capital and SMC Capital.
Amit Sachdev, chief executive of CoinTribe, said in a statement that the company’s business model strongly focuses on low capital and low-risk operation. “Our model has been well recognized by leading financial institutions, who have chosen to partner with us after detailed due diligence of our capabilities. We remain committed to our partners and this funding will help us further strengthen and scale up our marketplace operations,” added Sachdev.
“CoinTribe has evolved as a truly differentiated online MSME marketplace over last couple of years and demonstrated strong credit-tech capabilities, traction from leading financial institutions and a robust business performance. Given solid foundations laid for the business and a strong management team, CoinTribe is well placed to emerge as a leader in the $800 billion MSME lending market in India,” said Rajiv Maliwal, managing partner, Sabre Partners.