DMI Group launches digital credit services

The DMI group has announced its entry into the consumer finance space with the launch of DMI Consumer Credit Private Limited

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The has announced its entry into the consumer finance space with the launch of DMI Consumer Credit Private Limited. The group’s flagship NBFC is DMI Finance which focuses on corporate loans. The group includes DMI Housing Finance, a NHB-regulated HFC that focuses on smaller ticket housing loans.

DMI Consumer Credit is a digital-only platform that is fully integrated with the India stack. It is focused on leveraging technology and data science to offer unsecured and secured products pan-India to those consumers and borrowers who remain under-served by traditional lending institutions. DMI Consumer Credit utilizes proprietary analytics based on traditional and alternative data sources to inform a real-time credit decision engine that is available via API integration for the new breed of fintech intermediaries. DMI has already partnered with a number of venture capital-funded technology platforms and is actively adding to its list of digital channel partners.

The DMI group further announced that Arindam Das has joined its management team and will act as the CEO of DMI Consumer Credit. Arindam Das, an Economics graduate and Masters in Marketing, brings more than 18 years of rich and varied experience to his new role. Arindam Das said, “I am excited to join such an experienced and dynamic team at DMI Finance and work with them to build DMI Consumer Credit into a leading digital NBFC. Our focus will be on providing a secure and user-friendly digital platform that will leverage data and deep learning and through pan-India partnerships will enable us to reach a wide spectrum of borrowers who, we believe, will make us a part of their daily lives. ”

Yuvraja Singh, co-Founder and Joint Managing Director of DMI Finance commented, “Consumer finance is the obvious next step for DMI given our presence in wholesale lending and housing finance. Digital consumer lending is the frontier of consumer finance in India and we are very excited to be at the forefront of the effort to bring quick and easy personal and consumer loans to a market segment that has been somewhat ignored thus far.”

Shivashish Chatterjee, co-Founder and Joint Managing Director of DMI Finance, said, “Accelerated by Aadhaar, e-sign and the increasing availability of banking services, technology and data is rapidly transforming the financial services landscape in India. Fueled by mobile and broadband penetration, over 400mm technology-savvy but new-to-credit and thin credit file consumers are looking for the credit that they need across personal loans, e-commerce purchases, student loans and healthcare. DMI is committed to being at the forefront of this technology-driven consumer finance transformation.”

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