Wishfin, an India-based online marketplace, announced it is seeking to raise up to $50 million during its upcoming funding round. Founded in 2016, Wishfin is a platform that’s run by Mywish Marketplaces Private Limited (MMPL), which has notably creased financial marketplaces in India. It has more than 10 million direct customers. According to the company’s officials, the funds from the upcoming round will be used to make an acquisition in niche segments. Puru Vashishtha, Board Chairman of MyWish Marketplaces, stated:
“We don’t have an exact figure decided. However, the inbound for the next round of capital raise are in the range of $35 to $50 million. We will continue fortifying our lending business and we want to significantly increase in the next two years. Secondly, our credit card business has grown rapidly since demonetization. It continues to be a key focus and we see significant growth in it over the next couple of years.”
MyWish was founded in 2009 and has partnered with more than 40 financial institutions, including HDFC Bank Ltd, ICICI Bank Ltd, State Bank of India, and Bajaj Finserv Ltd. It has reportedly made $3 billion worth of disbursals. Vashishtha shared:
“We have a very deep technology capability on the customer acquisition side. A 100% of our acquisitions are in-house. Wishfin’s customer acquisition algorithm integrates machine learning across channels and we are capable of offering technology that we have built in-house to third parties as ‘technology as a service’ platform.”
Previously, Mywish secured $15 million from Franklin Templeton International Services India. In regards to the company’s valuation, Vashishtha added:
“We don’t really think too much about valuations at this stage. Even in the previous round of fundraising, we did not accept offers from investors who were offering us the highest valuation. It’s important to get like-minded investors.”
