Digital lending platform for SMEs, Prest Loans, raises Rs 16.5 crore in debt funding from multiple lenders
New Delhi, Aug 9 (KNN) Digital lending platform for SMEs and non banking finance company Prest Loans has raised Rs 16.5 crore in debt funding from multiple lenders’s including INCRED, MAS Finance, Northern Arc Capital and others.
This comes on the back of promoters having recently infused about Rs 65 lakh in equity to further strengthen the technology platform and meet the growing demand of credit.
The company reported 10 times growth in lending on year on year basis and is on aggressive expansion plan.
Talking about this recent development, Prest Loan, Founder & CEO, Ashok Mittal said, “The funding is an indication of confidence shown by lenders in our business. We got excellent support from various lenders within the first year of our operations and could raise debt largely due to strength of the business model, processes and technology being used.”
Having started operations from February 2017 it has processed more than 3000 loan applications. It has disbursed loans to about 400 small business and MSME units from various sectors like auto ancillary, retailers, textiles, education & training, food processing etc, he added.
With an average ticket size of Rs 5 lakh the company claims to have disbursed new loans worth Rs 15 crore in the last financial year.