The Ledger
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DataSigns claims sole mandate from Indian banks to originate proprietary credit scores
“So what we are the only company in the country today where multiple banks and NBFCs have given a mandate to acquire these customers, risk assess these customers. Also you know, these companies accept a credit score. And they lend to these customers based on ou…”
Traditional credit underwriting calculus fails to accurately predict loan repayment behavior
“Well, what we really believe is that the calculus, which is often used to determine credit worthiness is not good enough to predict whether a person will pay back a loan.”
Over 400M Indians apply for loans annually; under 1 in 7 succeed
“In India, over four hundred million people every year apply for loans, and less than one or seven actually manage to get a loan from banks and banks in a non-banking company.”
Indian loan sharks typically charge an effective annual IRR of 56%
“In India, a loan shark typically charges close to about 56% to IRR.”
India has over 1B phone subscribers; smartphones make up 61% of sales
“India has over one billion phones subscribers. Out of which, today's, 61% of the phones which are getting sold are the smartphones.”
DataSigns has an addressable base of 75,000 employees across 60 partner companies
“Today our entire universe is close to about 75,000 employees working in about, in working about sixty-odd companies, yeah.”
DataSigns has disbursed 600 loans averaging 25,000 rupees with 18-month tenures
“We have given close to about 600 loans at an average ticket size of 25,000 rupees with a 10 year of about 18 months.”
DataSigns expects to close a $5M equity round within 45 days
“We are raising another five million, which we should be closing probably in next about 45 days.”