Finsire Raises $1.3 Million in Seed Funding from DevX Venture Fund & others
Chennai, March 16, 2023: Lending Infratech and asset collateralization API Fintech Company Finsire’ announced that it has raised $1.3M in seed funding, led by DevX Venture Fund and other Strategic Investors.
The round, led by DevX Venture Fund, also saw participation from iSeed, Spark Capital, 1947 Rise, Adept ventures, Portal Angel Investors, Purple Matters, DeVC India, Lets Ventures, Shashank Kumar and Harshil Mathur, Co-Founders of Razorpay and Mars Shot Ventures, Co- founder of M2P Fintech, MadhuR, Prabhu R and Muthu A, Lalit Keshre, CEO Groww, Maninder G, CSO, OYO, Justin Caldbeck, Co-Founder Binary Capital, Abhinav Sinha, COO & CPO, OYO, Mr. Mohan K, Co-Founder & CEO, IppoPay, Pratekk Agarwal from Growthcap Ventures, Abhishek Goyal, Tracxn, Founder, Abhishek Rungta, Founder, Indus Net Tech, Rahul Mathur, Founder,Verak, Meet Semlani, Co-founder,Tartan, Amit Goel, Founder, Medici
Finsire builds lending enablement services by permitting digital assets to be taken as collateral. The solution allows Banks, NBFCs, fintechs, credit requirement distribution, and depositaries to maximise their lending capabilities.
The world is filled with asset classes. The United States household holds 150 trillion dollars of assets, the Indian household holds about 14 trillion dollars with it, and globally it’s about 400 trillion dollars. The market opportunity is huge by any standard of imagination. Asset holders just need convenient, trustable, and options to pledge their assets.
Speaking on the occasion, Mr Umesh Uttamchandani, Co-Founder, DevX Venture Fund, said, “At DevX Venture Fund, we are happy to lead the round at Finsire – they are building the lending infrastructure to collateralize all sorts of digital assets by partnering with banks, NBFCs, brokers and new-age fintechs. They are targeting an uncatered segment by maximizing the lending capacity of lenders and enabling easy credit for end users. We align with the vision at Finsire of changing how consumer finance works in India and provide secured lending access with digital assets to pledge, right from Salary to Mutual Funds etc…
Mr. Shreyans Nahar, CEO and Co-founder of Finsire, said, “Excited to build the Digitized secured infrastructure for India. Once in a lifetime opportunity for us; Indian households hold over 14 trillion dollars in assets, and global households’ assets are over 400 trillion dollars. Today these assets are extremely hard to pledge. The idea is to allow the asset holder to do what they wish to do with these assets.”
Mr. Shiva Singh Sangwan, Founder, 1947Rise commented, “Finsire is building the secured credit Infrastructure for India by collateralizing the vast majority of the assets available in the country. Digitizing these is a long game. I am super excited that Shreyans decided to move back to India to build Finsire from India.”
Commenting on the funding, Mr Meet Semlani, Co-founder, Tartan said, “Shreyans, Mridul and Subu are building a once in a generation company. In today’s economic climate, it is essential to provide a supportive infrastructure for Banks, NBFCs and Fintech institutions that rely on assets and income as collateral. These businesses form the backbone of our economy, and their growth and success are vital to the prosperity of our society. Moreover, providing access to capital and financing through asset-based lending can help bridge the gap between traditional banking and underserved communities, allowing for greater inclusion and economic mobility. In short, investing in infrastructure for asset and income-backed companies is not only a smart choice—it is the need of the hour.”
The world is filled with asset classes. The market opportunity is massive and FinSires’s core idea is to allow the asset holder to do as they wish with their assets. Asset holders just need convenient, trustable, and options to pledge their assets.