SME lender Loan Frame has picked up $2.25m in a seed round led by Vedanta Capital.
The round also saw participation form former Chase Card Services chairman William Campbell, MIO partners co-CEO Toos N Daruvala and McKinsey Investment Office.
The Gurgaon-based startup aims to provide products to small and medium sized Indian businesses including secured and unsecured loans.
The company claims to use machine learning algorithms to speed up assessment, validation and verification processes as well to match SMEs with the right type of capital.
Company founder and CEO Shailesh Jacob previously founded Deutsche Bank, Bank of America Merrill Lynch and Citigroup-backed financial research and analytics firm Copal Partners.
Moody’s acquired Copal in 2011 with it becoming a part of Moody’s analytics.
Loan Frame says it will use the capital to expand its team and develop its technology as well as form partnerships with institutions.
It will also invest in its distribution network and technology products.
The company aims to facilitate Rs 1,000 crore ($146,8000) in loans over the next two years.
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