PaySense raised $18 million in series B round of funding led by PayU. Other investors that participated in the round included existing investors Jungle Ventures and Nexus Venture Partners.
The startup last raised $5.3 million led by Jungle Ventures with Naspers Group and Nexus Venture Partners in its series A in May last year. Prior to that, PaySense had raised $2.3 million from in 2015 from angel investors and Nexus Venture Partners.
PayU alone has reportedly invested $11.5 million in the Mumbai-based fintech startup. In addition to using the fresh funds to increase man-power to strengthen its tech and data analytics teams, PaySense will also be looking to tap the middle class of India.
PaySense offers individuals credit options ranging from Rs. 5,000 to Rs. 2 lakh and also carries out the credit scoring and documentation processes using India Stack. However, the lending is done through non-banking financial company India Infoline – its lending partner – for loans.
They offer a wide array of customised credit products for e-commerce purchases, family vacations, home renovations or a medical emergencies. PaySense is available on Android app or website and offers EMIs to purchase products, both online and offline. The startup claims to hit Rs. 50 crore monthly disbursement rate and is looking to double it.