Unicorn India Ventures has made its first fintech investment: In SmartCoin.
The early-stage venture fund has now made seven investments from its first fund, which it expects to close by mid-year.
Unicorn expects to make up to 30 investments in media, pharmaceuticals and financial tech startups over the seven-year life of the fund.
SmartCoin is a smartphone-based lending app that caters to Indians with limited credit histories. It determines creditworthiness by aggregating potential borrowers’ smartphone data, including financial transactions and app behavior, then offers unsecured loans of up to 50,000 rupees ($775).
The platform launched in Gurgaon last year and has disbursed 3,000 loans.
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