Bengaluru, 12th July 2022: MyShubhLife, India’s next-gen digital lending, and full-stack financial service platform announced that it aims to disburse INR 550 crore worth of loans amid signs of economic recovery and pent-up demand among the salaried professionals, gig workers, and small merchants. Equipped with an AI/ML-led credit model algorithm built by its Datasciences Centre of Excellence (CoE), MyShubhLife aims to reach a disbursal target of INR 250+ crore by this financial year and INR 550 crore in the next.
Starting in 2016, MyShubhLife has disbursed loans to a large number of borrowers by focusing on data-driven technology and offering customized financial solutions. MyShubhLife has expanded its product portfolio to a host of credit products, including Unsecured Personal Loans, Chota Loans (small ticket), Earned Wage Access (EWA) & Revolving Line of Credit to fulfill the financial needs of the salaried and self-employed (gig workers, merchants of small and medium businesses, etc). Users can avail of a wide variety of loans between INR 3,000-2 lakhs with a flexible repayment tenure of up to 36 months.
With an exemplary default rate currently at sub 3%, MyShubhLife intends to focus more on its financial inclusion goals with an ever-evolving Data Sciences risk model. With a 20% M-O-M growth rate, the company has been disbursing loans worth over INR 20 crs in a month and growing exponentially month on month. Backed by its own Non-Bank Financial Company (NBFC) named, Ekagrata, MyShubhLife caters to underserved target audiences.
Monish Anand – CEO, MyShubhLife, said, “The pandemic has highlighted the significance of giving simple access to credit to the underprivileged as well as professionals to boost overall economic growth. Offering credit to our clients dramatically improves MyShubhLife product offerings while accelerating our growth pace. Our consumers are now even more empowered to use finance to make their aspirations a reality.”
With strong data-backed insights regarding our user base, we have gone beyond offering just credit solutions. We have built a complete range of sachet-sized financial products such as SIPs, E-Gold, Insurance, Bill Payments, E filing taxes, etc to provide more contextual offerings to our customers in the next half billion segments” he added.
In 2022, MyShubhLife secured INR 100 crores in funding from Gojo & Firm, Inc., a worldwide investment holding company focusing on facilitating technology-driven financial inclusion in emerging economies. Pravega Ventures, SRI Capital, Saama Capital, BeeNext, Omidyar Network, Flourish Ventures, and Patamar Capital had previously invested around INR 115 crores in MyShubhLife.
