Biz2Credit plans to invest $100 million in India over the next 5 years.
Fintech firm Biz2Credit plans to invest USD 100 million in India over the next 5 years on research and development as well as expansion of operations.
The company plans to strengthen its technology team by adding more than 150 new employees in 2021 in various positions including entry, mid and senior level positions.
“We are delighted to see such a huge growth in our business in India, which makes us expect to invest more in the Indian operations. Despite the uncertainties that the two waves of the coronavirus pandemic unfold, we have seen a huge growth in revenue with 15- Plus new customers and expect to see big jumps in the next 10-12 months,” Rohit Arora, CEO and Co-Founder, Biz2Credit said in a statement.
Founded in 2007, Biz2Credit is backed by Nexus Venture Partners. In 2019, the online lending platform completed a Series B capital financing round of USD 52 million led by Westbridge Capital.
Arora said, “The investment will be primarily spent in R&D, operations and creation of workforce. The company is bringing in many new employment opportunities for young graduates in the country in both technical and service-based roles.”
Biz2Credit is expanding its industry-leading technology into custom digital platform solutions for leading banks and other financial institutions, investors and service providers in the US, India, Australia and Canada.
“The Indian market holds immense potential for fintech companies like ours and is extremely important for our next phase of growth. We at Biz2Credit are committed to the Make in India program by investing heavily in Indian talent and portraying India as a hub. We support the government’s mission of R&D on the global front,” said Vineet Tyagi, Biz2Credit India Global CTO and Country Head.
Last month, the company announced bonuses including BMW bikes, cash prizes and other perks for its employees for the assessment year 2021-22 amid the Covid-19 pandemic.
In addition, the company has also announced that the top performers, around 20 per cent of the total employees, will get up to 40 times their performance-linked incentives, the statement said.
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