Page 22 - Banking Finance February 2022

PRESS RELEASE

Indian Digital Lender CASHe Raises 140 Crore in

Equity Funding from TSLC

CASHe, India’s leading credit led, AI-driven financial wellness V. Raman Kumar, Founder Chairman of CASHe, said,
platform, announced that it has closed 140 crores of equity “Achieving the Vision 3.0 is the next frontier for our growth
funding from its Singapore-based holding company TSLC Pte and opportunity. We have set our goals to become a full-
Ltd. The latest round of capital infusion strengthens the stack, credit led financial wellness platform of choice for the
Mumbai headquartered fintech company’s balance sheet millennial and Gen Z cohort. The new capital infusion
size to over Rs. 800 Cr. which constitutes about Rs. 300 Cr. reflects a meaningful maturity level of CASHe’s balance
in equity and over Rs. 500 Cr. raised through debt from a sheet, profitability and business model.”
well-diversified pool of leading private banks and reputed Also speaking, Joginder Rana, Vice Chairman & MD, CASHe,
NBFCs.
said, “CASHe is now poised to enter the next phase of its
With this fresh capital, the company will continue to boost growth journey. In the last few years, CASHe has
its profitability, enhance its existing product lines such as demonstrated that it is ready to seize every opportunity, even
personal loans, BNPL, Credit Line and embedded card during the two waves of Covid. It continues to forge ahead
business. It aims to launch new offerings in WealthTech and through its strong accelerating momentum predicated on the
ramp up its investments in operations, product strength of its technology, business analytics, people and
development, data sciences, and technology. It strives to processes. The latest capital infusion in the company will
double its team strength across domains to manage future enable us to disburse to the tune of Rs. 3,000 Cr. for the FY
growth seamlessly. It also seeks to expand its loan book to 22-23 - that would be twice as much as we would have
Rs. 3,000 Cr. and upscale its user-base to 1 million from the disbursed by the end of FY 21-22. It also provides us with the
current 4 lakh customers in FY 2022-23. The company has required resources to fuel and accelerates our investments
disbursed over Rs. 1,000 Cr. worth of loans in 9 months of in technology and people to enable us to launch innovative
this fiscal year alone and is all set to disburse over 1400 financial products to our customers.”
crores in FY 21-22, thereby growing by over 100 percent In the last four years since its launch, CASHe has crossed
over its previous year.
over 15 million registered users with over 9 million
The firm plans to invest substantially in creating and customers that have provided thin file data. It has disbursed
improving its tech-stack platform to bolster and preserve over 3000 crores to over 4 lakh active customers, of which
the growth of its user base, all while facilitating all types of 70 percent are repeat customers. By employing its
banking transactions. In achieving its expansion goals, the proprietary tech and credit writing system, CASHe aims to
company has strengthened its leadership through strategic transform the digital lending industry in India while offering
C-suite appointments. It is eyeing fresh hires in technology, credit to the unserved and underserved - those who
product, marketing, and customer support to help it expand otherwise do not have access to credit through traditional
its foothold across the country, thereby fortifying its vision mediums. Today, CASHe is the nation’s fastest-growing
of building a full-stack credit-led financial wellness platform. digital lending platform.

300 crore loan written off after 7 months of sanction
According to a news report, a loan of Rs 300 crore was written off within 7 months of its sanction and this was the key
reason for the Reserve Bank of India's sudden intervention in RBL Bank. The loan was given as a part of consortium
lending in 2018 and RBI has been seeking details with respect to the exposure in the company for the last few months
from the risk management team of RBL Bank.
On December 25th, Yogesh Dayal, the RBI appointed director mentioned that the continuation of CEO Vishwavir
Ahuja has become untenable and RBI would have no choice but to supersede the board as it did in the case of Yes
Bank and Laxmi Vilas Bank if Ahuja had not stepped down immediately. Therefore, Ahuja had to leave within the
given time.

22 | 2022 | FEBRUARY | BANKING FINANCE