Chennai-based financial technology and digital lending company Hotfoot Technology Solutions has raised $250,000 in a funding round from a group of angel investors.
The funding was aided by the investment banking and advisory firm ANOVA Corporate Services, the company said in a statement.
Hotfoot plans to deploy the funds to strengthen its technology platform and complete its new products for co-lending, collections and data analytics segments.
“As part of our expansion, we will raise the next round of pre-series A funding by July-August of 2020,” said Vivek N, co-founder of Hotfoot Technology Solutions.
The fintech startup works on RAPID, a state-of-the-art loan processing platform. Hotfoot claims the platform uses digitisation, automation, artificial intelligence (AI) and machine learning (ML) to accelerate time-consuming and manual processes.
The company says its core team has a combined experience of over 75 years in retail lending in India and has been a strategic business partner with banks, non-banking financial services (NBFCs) and manufacturing companies.
Hotfoot Technology Solutions was founded in 2016 by Vivek N and Rajesh Venkatesan. The fintech startup offers a suite of solutions that enable end-to-end digital processing of all types of retail and small and medium enterprises (SME) loans.
The startup claims to offer its services to customers like Adani Capital, Veritas Finance, Muthoot Capital, AU Small Finance Bank and Samunnati Value Chain Finance.
Earlier in the month, Bengaluru-based fintech startup Groww raised $21.4 mn in a Series B funding round, led by Silicon Valley-based venture capital firm Ribbit Capital.