StashFin is a digital loan lending startup that leverages technology to provide instant and hassle-free loans. StashFin has raised a total of $75 M in funding over 3 rounds. Their latest funding was raised $40 M on Apr 2, 2021, from a Series B round. Tushar Aggarwal is the Founder and CEO of StashFin.
This is a glimpse of his journey as an entrepreneur.
“Financial Freedom is a basic right”
Tushar Aggarwal
The Beginning- Why Did Tushar Aggarwal Start StashFin?
“Rejection is merely a nudge in the right direction”, the same goes for Tushar Aggarwal. He was working in the US as a venture capitalist and a private equity investor. However, when he returned to India after his stint in the US, he applied for a credit card but it was rejected. Aggarwal was left to wonder, if a person with a professional profile like his could not secure a credit card, then people with lower income brackets, or self-employed people would definitely be having a very hard time getting credit. Th idea of StashFin was born.
One Small Setback for Tushar Aggarwal and a Big Step Forward for StashFin
Tushar quit his Job in 2016 and set out to build a team. He faced criticism from many. “Investors cannot be good entrepreneurs” said the people who were uncertain of his credentials. But Tushar did not heed to their criticism. He built a team of talented individuals, many of whom were from the traditional banking sector. He also managed to raise $5 million funding in 2017. After which he applied for an NBFC license.
Disrupting the traditional lending system
Tushar Aggarwal believes that India has a large market of credit-worthy borrowers, but the banks are wary of them. And to serve this very market he developed a business model of lending small amounts of loans at the most reasonable rates.
Where is Tushar Aggarwal’s StashFin Now?
StashFin is operating as one of the most successful NBFCs in India. It offers loans to both salaried and self-employed individuals through a Visa powered credit line card. StashFin has thus far provided funds to over a million customers with ticket sizes ranging from Rs 1000 to Rs 5 Lakhs. StashFin has loan book of Rs 500 crores.
In April 2021, StashFin raised $ 40 million in a funding round and it plans to extend its banking solutions to businesses across South Asia.
