Large NBFCs like Aditya Birla Finance and Poonawalla Fincorp have informed the fintech startups they do business with that they will no longer provide capital for the highly risky buy-now-pay-later (BNPL) and very small ticket size consumer loans, according to the people cited above.
Fintechs to go slow on small personal loans financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Non-banking finance company InCred Finance expects the consumer lending space in India to grow by 15% to 20% annually despite rising stress in the portfolio.
In a release issued on Thursday, the lending company said that it has already received the full commitment and post the closure of the round, will achieve a valuation of a billion dollars, thereby entering the unicorn club. The release, however, did not name any of the investors.