RabindraMumbai, 12th June 2024: CASHe, India’s leading credit-led, AI-based financial platform, today announced that it has crossed the significant milestone of Rs. 10,000 crores in loan disbursals to date. The company further stated that it has disbursed over three million loans to over two million customers, with an active customer base of over 1.3 million users.
As the platform recently marked its eighth anniversary, it has achieved notable milestones, including over 40 million user registrations and 55 million app downloads. Branded as the ‘Bharat Ka Money App,’ the platform has successfully extended its reach across the country, covering 18,200 pin codes. Significantly, 65% of CASHe’s user base comes from tier 2, tier 3, and smaller towns across India through 100% digital origination. Its diversified product offerings provide comprehensive financial solutions such as short-term personal loans, credit lines, BNPL services, and innovative products like Travel Now Pay Later, credit on WhatsApp, insurance, and cross-selling investment products through its wealth management services. These offerings cater to a wide range of customer needs, making it a one-stop shop for their financial requirements. This expansive growth has been bolstered by the launch of its super app, which offers a wide range of products within its credit suite. With half a million new customers onboarded every month, the platform disburses 150,000 loans monthly, including repeat loans.
With over 50 ecosystem partnerships, including e-commerce giants, CASHe ensures a hassle-free loan experience for underserved working professionals in a 100% digital format with minimal documentation while leveraging alternative data. It has also expanded its product offerings to include semi-secured loans, such as loans for electric 2-wheeler vehicles (EV) and education loans. These new products aim to attract a wider customer base and cater to the growing demand for sustainable transportation and education financing.
The company has also developed a comprehensive co-lending platform featuring unique end-to-end digital sourcing and underwriting technology. This technology is deployed across multiple financial institutions and is deeply embedded with various large third-party financial platforms.
Yashoraj Tyagi, CEO of CASHe, commented, “We are delighted to have reached this significant milestone, which reflects our dedication to supporting young working professionals in India. At CASHe, we strive to make finance more accessible, affordable, and transparent through the use of technology. Our commitment to innovation, customer-centricity, and strong partnerships with our lending collaborators has enabled us to achieve this success, and we are confident that we will reach even greater heights in the future.”
Since 2019, CASHe has maintained consistent profitability, with growth accelerating significantly in the post-pandemic period. CASHe’s revenue from operations surged 2.2 times to Rs 560 crores during FY 2022-23, compared to Rs 257.5 crore in FY 21-22. The platform is expected to continue its growth trajectory this year, with the company projecting full-year profitability backed by solid fundamentals.
