Appoints Dr. Pulak Ghosh & Mathew Cyriac to its Board of Directors
· Finalizes Rs 25 crore in Series A funding from investor group led by Mr. Mathew Cyriac and advised by Florintree Advisors. Mr. Cyriac will join the Board of CASHe as an Investor Director.
· Dr. Pulak Ghosh, renowned data scientist and professor of Quantitative Analysis at IIM (B) appointed as an independent director
Mumbai: April 1, 2017: Aeries Financial Technologies Pvt. Ltd., a fintech company promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that CASHe, India’s fastest growing app-only lending platform for young professionals has closed a series A funding from investor group led by Mr. Mathew Cyriac and advised by Florintree Advisors. The funding will further increase CASHe’s scale of business and solidify its position as the leading app-only lending platform. The company also announced that it has appointed Dr. Pulak Ghosh and Mr. Mathew Cyriac to its Board of Directors.
Mr. V. Raman Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd., commented; “We are very excited to have finalizedthe Series A funding from investor group led by Mr. Mathew Cyriac and advised by Florintree Advisors. We thank our new investors for their confidence in CASHe. We have big plans for the business, and are proud to have a team on board that shares and believes in this vision. I also welcome Dr. Pulak Ghosh and Mr. Mathew Cyriac to the Board of Directors.
He further commented, “An influential scientist and thinker, Dr. Ghosh brings to CASHe his enormous domain knowledge, experience and expertise in big data analytics to CASHe. His inclusion further reinforces the preeminent position that CASHe has established for itself in the AI, Data Analytics and Machine Language backed new age financial technology space in India.”
“Mr. Cyriac joins CASHe as an investor / director. Drawing on his years of experience as an established private equity player, he will provide fresh insights to company’s business priorities as it continues to grow at an accelerated pace. The company looks forward to benefit from their extensive and diverse expertise to accelerate its strategic and organic growth initiatives,” he added.
CASHe, India's fastest growing app-only lending company, provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm based machine learning platform. In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban professionals. CASHe provides almost instantaneous loans on-demand. Its user-friendly digital interface enables faster loan application and quicker loan disbursals. CASHe’s provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.
CASHe’s target audience is young working professionals in the age group of 23-35 years. CASHe offers loans ranging from Rs 5,000 to Rs 1,00,000 payable over 15,30 and 90 days.
Key Business highlights
· Available on Android and iPhone
· Currently disbursing loans worth Rs one crore per day
· Launched the 15-day loan product. Later introduced 30 and 90-day loan products in the month of November 2016
· Over 1,25,000 app downloads on Google play
· iPhone app launched in December 2016. Over 2,000 app downloads on app store
· Integrated Paytm wallet for cash transfers in the month of January
· Inked partnership deal with Andromeda for marketing CASHe in the month of January· Enlisted on Rubique, aa leading financial product distribution platform in March 2017