Business briefs

RupeeRedee, a digital lending platform, on Thursday said it has raised USD 6 million (around Rs 42 crore) in funding. These funds have been raised over a period of time from its parent company Digital Finance International (DFI), a member of Russia-headquartered Finstar Financial Group, a statement said.

"We are witnessing the tremendous response to our products and are committed to using our investments to further bolster our commitment towards helping the credit under-served population in India achieve financial freedom," Jitin Bhasin, managing director of RupeeRedee said.

* * * * Cash Suvidha raises $4 mn in debt funding

* Cash Suvidha, which is run by Usha Financial Services, on Thursday said it has raised USD 4 million (around Rs 28 crore) in debt in the second quarter of 2019-20. The funds were raised through different financial institutions and will be used to increase the loan books of the company, a statement said.

The funds will be primarily used to facilitate further lending to SMEs and MSMEs, particularly in Bihar, Punjab, Haryana, Uttar Pradesh, Rajasthan and Delhi-NCR, it added. During the last quarter (April-June, 2019), Cash Suvidha raised a total debt of USD 2.3 million from different financial institutions, it said.