Six-decades old Sundaram Finance Group, known for its conservative business model, opens its purse strings to invest in Delhi-based fintech start up Gyan-Dhan. The investment amount and stake in the startup were not disclosed.
Gyan Dhan, promoted by IIT alumni and is an online market place for educational loans looking to study overseas, will be the first among many more startups to benefit from such investments, said Sundaram Finance in a statement.
With fintech emerging as a major segment in the startuprenuial space, the group company said it will be looking at more such investments in financial services and fin-tech.
GyanDhan has received the investment fron Sundaram Finance Holdings, a subsidiary of Sundaram Finance. “The aim is to associate with firms, where there is synergy with group strategy,” said T T Srinivasaraghavan, MD, Sundaram Finance .
“The company is already engaging with multiple start-ups with various types of engagement models including operational, financing and also equity investments where it make sense,” said Harsha Viji, deputy Managing Director, Sundaram Finance.
The Group is also looking to co-invest with like-minded venture capitalists and angel investors in this space, added Viji. The Chennai startup ecosystem already has players like the Chennai Angel Network and Indian Private Equity & Venture Capital Association (IVCA), headed by Gopal Srinivasan, chairman, TVS Capital Funds. Ankit Mintra and Jaineesh Sinha, Co-Founders of Gyan-Dhan expressed comfidence that they would be responsible partners and increase shareholder value. Gyan Dhan has till date sanctioned loans for 250 students of around Rs 60 crore.
Source: Times of India
