An online lending platform for Micro, Small and Medium Enterprises (MSMEs), CoinTribe Technologies Pvt. Ltd, has raised $10 million equity capital in series B round led by Sabre Partners along with participation from existing investor Puneet Dalmia.
The total equity capital raised by CoinTribe stands at $15 million, with the current round of funding,
The company claims to use its funds to enhance its credit underwriting algorithm, expand to new markets, and develop its technology base.
CoinTribe is a Gurugram-based startup, founded in 2015 by Amit Sachdev, Manish Chaudhari, Manish Chaudhari and Rohit Lohia, currently offers unsecured term and working capital loans to small businesses.
Amit Sachdev, chief executive of CoinTribe, said in a statement that the company’s business model strongly focuses on low capital and low-risk operation.
“Our model has been well recognized by leading financial institutions, who have chosen to partner with us after detailed due diligence of our capabilities.”
He further added,
Committed to our partners and clients, this funding will help us further strengthen and scale up our marketplace operations.
Calling it a truly differentiated online MSME marketplace, Rajiv Maliwal, managing partner of Sabre Partners said that CoinTribe has demonstrated strong credit-tech capabilities, traction from leading financial institutions and a robust business performance.
Given solid foundations laid for the business and a strong management team, CoinTribe is well placed to emerge as a leader in the $800 billion MSME lending market in India, he added.
So far, the company has partnered with so many leading banks and NBFCs including Axis Bank, Yes Bank, RBL Bank, DBS, IIFL, Clix Capital and SMC Capital.