Total amount raised
$17.7 Millions
Latest funding date
12/01/2022
Location
Smartcoin has successfully raised funds through multiple rounds, with its most recent funding type being debt financing. The platform leverages data science and machine learning to offer personalized loan products to millions of mobile users in India.
With 15 investors backing the company, including notable names like BlackSoil and Pace Stock Broking Services, Smartcoin continues to innovate in the financial services sector. Keep reading to explore the intricacies of Smartcoin's fundraising journey and the investors supporting this dynamic platform.
What Is Smartcoin?
Smartcoin, founded on November 23, 2015, is a mobile app-based lending platform headquartered in Bangalore, Karnataka, India. The company was established by Amit Chandel, Jayant Upadhyay, and Rohit Garg.
Operating in the financial services, mobile apps, and personal finance industries, Smartcoin leverages data science and machine learning to provide personalized loan products to millions of mobile users in India. The company employs a small team of 1-10 employees.
How Much Funding Has Smartcoin Raised?
- Seed Round
- Amount Raised: $1K
- Date: April 2017
- Lead Investors: Unicorn India Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Seed Round
- Amount Raised: $1K
- Date: March 2018
- Lead Investors: Accion Venture Lab
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the technology platform.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and further product development.
- Series A
- Amount Raised: $7M
- Date: March 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the customer base.
- Debt Financing
- Amount Raised: $11M
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support loan disbursements and operational liquidity.
- Series B
- Amount Raised: $7M
- Date: February 2022
- Lead Investors: Lightrock, Pace Commodity Brokers, India SME Investments
- Valuation at Round: $67M
- Motivation Behind the Round: To expand reach, enhance product offerings, and solidify market presence.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 2022
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To maintain operational liquidity and support loan disbursements.
Total Amount Raised: $26M
Current Valuation: $67M
Key Investors
- BlackSoil
- Details: BlackSoil is a leading alternative credit platform in India, providing structured debt solutions to high-growth companies. They focus on sectors like technology, healthcare, and financial services.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Not publicly disclosed
- Accion Venture Lab
- Details: Accion Venture Lab is a seed-stage investment initiative focused on innovative financial inclusion startups. They aim to support companies that provide financial services to underserved populations.
- Investment Focus Areas: Financial inclusion, fintech, emerging markets
- Notable Investments: Not publicly disclosed
- Unicorn India Ventures
- Details: Unicorn India Ventures is an early-stage investment firm that supports innovative startups in India. They focus on sectors like technology, consumer products, and healthcare.
- Investment Focus Areas: Technology, consumer products, healthcare
- Notable Investments: Not publicly disclosed
- Lightrock
- Details: Lightrock is an investment firm that focuses on sustainable and scalable businesses with a positive impact on society. They have become the largest stakeholder in Smartcoin with a 25.87% holding.
- Investment Focus Areas: Financial inclusion, impact-driven companies, sustainable businesses
- Notable Investments: Not publicly disclosed
- Pace Commodity Brokers
- Details: Pace Commodity Brokers is an investment firm likely focusing on financial services and commodities. They have contributed significantly to Smartcoin's Series B round.
- Investment Focus Areas: Financial services, commodities
- Notable Investments: Not publicly disclosed
What's Next for Smartcoin?
Smartcoin is poised to capitalize on the vast opportunities in the micro-lending sector, particularly by expanding its services to underserved middle and lower-income segments. With a presence in over 17,000 pin codes across India and having disbursed loans amounting to more than Rs 400 crore to over 5.5 million users, the potential for growth is substantial.
Future fundraising opportunities appear promising, especially as the Series B round is ongoing. This could provide the necessary capital to enhance technological capabilities and expand the loan portfolio. However, challenges such as managing credit risk and navigating regulatory changes remain significant hurdles that Smartcoin must address to sustain its growth trajectory.
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