New Delhi, May 21, 2018: Cash Suvidha, trade name of Usha Financial Services and a fast propelling fintech company has witnessed a 4-fold growth in terms of revenue in Financial Year 2017-18, in which company successfully disbursed loans worth Rs 122 crore. In Q4, the company has reported revenue of Rs 4.95 crores, up from Rs 1.26 crore a year earlier.
Commenting on the financial performance, Mr. Rajesh Gupta, Founder, Cash Suvidha, said, “We are glad to announce that at a time when players in the market are working on a burning model, Cash Suvidha has remained profitable since the first fiscal and in a span of just one year, the company has grown 4X. The current financial year is very crucial to the fintech industry. It is a year of transformation and consolidation in the country with new-age fintech companies creating a brave new world for businesses and individuals.”
The Assets under Management of the lending platform stood at Rs 60.30 crore as on 31st March 2018. Of this, SME lending stood at Rs. 46.97 crore & Personal Loans at Rs. 13.33 crore. The company successfully disbursed loans to 37000+ borrowers in the Financial Year 2017-18 and aims to disburse loans worth Rs 400 crore to 50,000+ borrowers in the current financial year.
About Cash Suvidha:
Cash Suvidha; a trade name of Usha Financial Services, is a Startup Fintech company, which extends business loans to SMEs, MSMEs, Personal Loan and women entrepreneurs for income generation purpose & personal loans to individuals. Apart from stirring the journeys of budding and longstanding entrepreneurs, Cash Suvidha, also deals with women empowerment on a micro level.
Cash Suvidha aims to fill the market gap that’s not allowing visionaries in uplifting their dreams towards real touch of the business world – establishment or enlargement of a profit-making entity.
Cash Suvidha has efficiently served customers right from the era of cash to emerging cashless economy. Digital banking is an integral part of their operations. Through Cash Suvidha, digital-savvy entrepreneurs can avail financial services seamlessly as they navigate through their progressively digitized lives.
In terms of growth story, Cash Suvidha began its operations in May 2016 after which they have been playing a significant role in empowering people to fulfill their ambitions. Within a short span of one year of its operations, the company has tied up with over 18-20 players to expand business across India and has targeted a 4x increase in processing loan applications. In terms of future plans, Cash Suvidha is targeting more tie-ups for business expansion.
Since its inception, Cash Suvidha has disbursed to 37,000+ borrowers and the average ticket size of loan is Rs 20,000- Rs. 5,00,000