Ahmedabad Based Online PSB Loans Raise Rs 50 Cr

Ahmedabad Headquarters, India’s leading online lending platform, Online PSB Loans Limited (“OPL”) has raised the investment of INR Rs. 50 crore in its current funding round led by TransUnion and HDFC Holdings Limited (a wholly owned subsidiary of HDFC Limited). The investment will see TransUnion and HDFC take strategic minority stakes in OPL.

OPL is an online lending platform that allows borrowers – primarily micro, small and medium enterprises (MSMEs) and individuals – to apply for a loan online and receive approval in principle in 59 minutes or less. main banks and credit institutions. Since its inception, OPL has established itself as one of the leading online commercial lending platforms in India, responding to the needs of an evolving lending ecosystem. Today, OPL has an established online marketplace (www.psbloansin59minutes.com) and also offers lending solutions to major banks and financial institutions.

“We are delighted to join forces with partners who share our vision of advancing social and economic development. When we can provide more opportunities for Indian small and medium businesses and individuals through improved lending practices, the possibilities are endless, ”said Jinand Shah, Managing Director and CEO of Online PSB Loans. “Together with TransUnion and the HDFC Ltd. team, we will expand access to lending services and improve analytics capabilities for our clients,” added Ronak Shah, Co-Founder and COO, Online PSB Loans.

The MSME sector is the backbone of India’s economic growth. Information shows that only about a third of MSMEs in India are served by the formal credit ecosystem, indicating the opportunities for increasing credit penetration in the MSME segment. Through this partnership, the three companies will combine their unique strengths and capabilities in data, technology and analytics to explore the development of new products and solutions, which will transform the credit landscape in the country.

“TransUnion is committed to supporting banks and credit institutions in the sustainable growth of their MSME portfolios while improving reach and facilitating access to finance for MSMEs,” said Rajesh Kumar, Managing Director and CEO of TransUnion CIBIL, a company of the TransUnion group. “OPL’s convenient and easy-to-use technology will allow TransUnion to better serve its customers in India and strengthen its commitment to small businesses as critical engines of global economic recovery,” he added.

TransUnion has always helped its customers prosper with solutions that provide faster, safer access to credit and other services. The partnership with OPL will enable TransUnion to play a larger role in expanding India’s digital lending ecosystem, by expanding the distribution of TransUnion solutions and services in the MSME market which includes over 63 million ‘companies.

In 2020, the segment played an important role in the national economy as the largest generator of jobs, adding 110 million jobs and contributing around 29%[1] of India’s GDP. Additionally, TransUnion will leverage its advanced analytical capabilities to create products and services that enhance the OPL platform and enable more accurate decision making by lenders.

Ms. Renu Sud Karnad, Managing Director – HDFC Ltd said: “We are delighted to partner with OPL. The team has developed a fast and efficient platform, digitizing loan appraisal processes. This breakthrough innovation for the MSME sector will benefit all stakeholders. The MSME sector is a major contributor to the socio-economic development of the country. Digitizing the loan process will improve the customer experience and contribute to significant savings in time and money. It is the preferred means of granting credit to customers, as has been our experience since more than 89% of new mortgage applications are received through digital channels.

Jinand Shah, Managing Director and CEO of Online PSB Loan, added, “This partnership also demonstrates our company’s commitment to also enhance the professional growth of its employees by setting new standards in the working culture of the company. . Our progress also highlights the OPL’s efforts towards internal HR policies and a high commitment to improving productivity and cultivating a harmonious and thoughtful work environment.

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