Financial technology startup CashCare Technology looks to raise up to $7 million

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 Rs 15,000 and Rs 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 Rs 10,000 and Rs 1 lakh, and even decides the eligibility of the individual on a real-time basis.