Digital lending startup Kudos freshly raised an undisclosed amount in pre-Series A funding from marquee fintech founders and super angels to get the best minds in the country to help develop its full vision of facilitating digital lending to reach millions of Indians across segments and geographies.
The group of investors includes Patanjali Somayaji of Walnut, Nithin Kamath of Zerodha, Sumit Maniyar of Rupeek, the leadership team of One Card, Nischal Shetty of WazirX, Nitin Gupta of UNI, Anish Achuthan of Open Banking, Amit Choudhary of DawaaDost, Ganesh Rao of NOCP, and Vaibhav Domkundwar of Better Capital.
Kudos digital lending infrastructure includes everything from the capital, regulatory compliance, digital KYC, disbursements, collections, reconciliation, and all other aspects that are needed for smooth digital lending.
The Pune-based startup facilitates hundreds of use cases and enables its partners to build personalized lending solutions for their users with its lending APIs.
Pavitra Walvekar, Co-founder and CEO, Kudos said, “We are profitable and growing month on month and adding partners across Agri, fintech, edtech, revenue-based financing, and other segments faster than ever, and are now preparing to raise a Series A round to scale and become the largest company in the space over the next 18 months.”
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The national fintech revolution is still in its nascent stage, and as Jio-powered digitization is reaching users and businesses across industries and geographies, the opportunity to discuss the large need for credit is more real than ever.
Vaibhav Domkundwar of Better Capital said, “Kudos is looking at one of the most interesting opportunities in Indian fintech. Its traction and month-on-month growth — without having raised institutional capital — is a testament to its PMF and of the massive opportunity to power digital lending in India. I’m excited to be a part of this journey from ground zero and partner with Pavitra, Naresh, and the team as they build the ‘Stipe of Lending’ for India.”
So far, Kudos has facilitated two million loans, distributing Rs 2,000 crore to around 6,00,000 customers across 2,100 cities. By processing one loan every 4.5 seconds, Kudos has booked, processed, and enabled 20,000 loans a day at its peak.
Commenting on the development, Shishir Gupta, Founder and CEO of StartupLanes said, “The market is looking good for fintech startups as more and more companies are emerging in the segment. The pandemic has pushed people to go digital, favoring digital lending startups like Kudos.”
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