CashCare Tech Looks to Raise up to $7 m

The Economic Times - - Companies - Pratik.Bhakta@ times­group.com

Mum­bai: Mum­bai-based fi­nan­cial tech­nol­ogy startup CashCare Tech­nol­ogy is look­ing to raise $5-7 mil­lion in se­ries A fund­ing to em­bark on its next phase of growth and ex­pan­sion. The startup, which cur­rently of­fers easy monthly in­stall­ment op­tions for buy­ing goods on­line, is plan­ning to make EMI pay­ments easy on the off­line mode as well, even for cus­tomers with­out a for­mal credit score.

“Our pri­mary cus­tomer base is in the 22-28 years age group earn­ing be­tween .₹ 15,000 and .₹ 40,000 per month with very high con­sump­tion needs. Less than 5% of this seg­ment today has ac­cess to credit cards and pur­chase through them any­way at­tracts steep in­ter­est rates. Through CashCare, we of­fer easy in­stall­ment pay­ment op­tions to cus­tomers at 0% in­ter­est rate. This would al­low on­line play­ers to sell higher priced goods with­out get­ting into the dis­count war,” said Vikas Sekhri, founder of CashCare. Hav­ing part­nered with 10 ecom­merce firms and two non-bank­ing fi­nan­cial com­pa­nies, CashCare of­fers easy EMI op­tions for goods in the price range of .₹ 10,000 and .₹ 1 lakh, and even de­cides the el­i­gi­bil­ity of the in­di­vid­ual on a real-time ba­sis.

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