Nitstone Finserv to raise Rs 150 cr

Reported by: |Updated: May 10, 2019

Bangalore-based Nitstone Finserv is raising fresh funding of Rs 150 crore from new investors to finance its next phase of their growth. The NBFC, launched in 2018 has already built a significant portfolio of consumer loans. It has acquired the best-in-class technology including AI-powered credit decision-making tools. It is adopting a phygital strategy as far as customer acquisition is concerned and it has a network of partners and sales force. The business model is uniquely characterized by a data-powered segmentation strategy, efficient and effective operating workflows and a robust governance mechanism. Govindan Eaden, executive vice president of the company, said the company is 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. It specializes in lending personal loans and new to credit loans and will soon cater to SME businesses by offering business loans.