FinTech NBFC 'Prest Loans' Raises Equity from Existing Investors

NewsVoir | 02 Nov, 2017
'Prest Loans â www.prestloans.com' is the trade name of RBI registered NBFC Lord Krishna Financial Services Ltd which was acquired by financial market expert Ashok Mittal in July this year after getting RBI approval.

âThis round of fund raising shall help us strengthen our balance sheet and in-turn leverage more to meet the robust demand we are witnessing. We have aggressive expansion plans and aim to disburse loans worth Rs 100 cr within 3 years to small businessesâ said Ashok Mittal â Founder & CEO of the company.

The company has developed a high-end algorithm; it does not depend on financial information alone but uses thorough analysis of alternate data to arrive at the amount, tenure and rate of interest among other required information. The decision to approve the loan is taken within minutes and post verification, the loan is disbursed within a maximum of 3 days.

âWe have already gotten debt funding from AU Small Finance bank, and with this round we shall be able to raise more debt funding from other institutions. This is already in the pipeline as we expect good off-take in the next 3-6 months.â informed Mr. Mittal.

Prest Loans has different products to meet the need of small businesses, including offering unsecured business loans, short term secured loans and long term secured loans, to name a few, depending on the need and profile of the applicant. It does not have any overdue or doubtful debts due to strong credit mechanism. The average ticket size is 3 lakh, 5 lakh and 15 lakh respectively for the above mentioned products.

Prest Loans has informed that it will use the funds to improve and strengthen the technology platform for better customer experience and meet the ever-increasing credit demand.

About Prest Loans

âPrest Loansâ is a non-banking finance company registered with RBI under the name Lord Krishna Financial Services Ltd. It is a new age FinTech company with the mission of providing fast, flexible, and transparent loan products to the business and SME sector in India. It uses cutting edge modern technology to speed up the processes for delighted customer experience, excellent operations support and best in class risk management by using proprietary credit underwriting system. The company is led by a strong and experienced team from financial services sector.

About Ashok Mittal

Ashok is a seasoned professional having a rich experience of more than 20 years in Capital and Commodities Market, Banking, Financial services and Foreign Exchange. He has been a part of Harvard Business School executive program called âManaging and Transforming Professional Service Firms.â Ashok is a gold medallist commerce graduate from M.D.S. University, Rajasthan and has done Masters in Banking Management (MBM) and CAIIB.