Lending platform Happy announced $20 million in capital from Indian and US strategic investors, and financing lines from institutions, including DMI, a non-banking financial company. Happy provides flexible digital loans to micro and small businesses in more than 500 locations across India.
Happy said it has disbursed over $20 million through over 32,000 loans to more than 80 different kinds of businesses.
Happy aims to grow its loan portfolio to over 1 million loans over the next fiscal and will reduce loan fulfilment time to below one minute. Happy was founded by Manish Khera, Gautam Ivatury and Shweta Aprameya.
What inspires me is that there are millions of people who need financial assistance for basic economic mobility and growth.
Micro-enterprises contribute 37.5% to India s economy and employ 20% of India s workforce, over 100 million people. Small flexible loans help create greater business opportunities, stabilise cashflows, and enhance livelihoods for small business owners and their employees, Happy s co-founder & MD Manish Khera said.