Fintech firm Biz2Credit plans to invest $100 million in India over the next 5 years on research and development as well as expanding operations.
The company is also planning to strengthen its technology team by adding over 150 new employees in 2021 across various positions, including entry, mid- and senior-level positions.
Rohit Arora, CEO and cofounder at Biz2Credit said in a statement that the company is delighted to see such massive growth in its business in India. “Despite the uncertainties that two waves of the coronavirus pandemic unleashed, we have clocked a massive growth in the revenue with 15-plus new client wins and eyeing a greater leap in the next 10-12 months,” he said.
"The investment will be spent mainly in R&D, operations, and building the workforce. The company is bringing a lot of new employment opportunities for the young graduates in the country in both technical and service-based roles," Arora said.
Founded in 2007, Biz2Credit is backed by Nexus Venture Partners. In 2019, the online lending platform completed a Series B capital financing round of $52 million led by WestBridge Capital.
Biz2Credit is expanding its industry-leading technology in custom digital platform solutions for leading banks and other financial institutions, investors and service providers in the US, India, Australia, and Canada.
Commenting on the plans, Vineet Arora, global CTO and country head at Biz2Credit India, said the Indian market holds immense potential for fintech companies like Biz2Credit and it is extremely important for the company’s next phase of growth.
“We at Biz2Credit support the government's mission of the Make in India programme by making huge investments in Indian talent and portraying India as a hub of R&D on the global front," he said.
Last month, the company announced bonuses including BMW bikes, cash rewards and other perks for their employees for the appraisal year 2021-22 amidst the Covid-19 pandemic.
(With inputs from PTI)