Simplycash Adds Its Services To 25 More Cities; Eyes 200 Locations By 2024

Instant personal loan app backed by Hero group, SimplyCash has officially announced its foothold in more than 99 cities across India. This is another major step from the app toward its continuous expansion. 

The pandemic embraced demands in the instant personal loans category from the last 2 years. Seeing that Simplycash is now aiming to expand into over 200 locations in the next two years with an ambitious growth plan. SimplyCash, which now has 2 million downloads, has expanded its service to 25 more cities, bringing the total to 99 cities with SimplyCash services now available.

“In the last two years, we have seen a massive demand for digital lending platforms for taking personal loans. We started with only two cities and then the pandemic started and people began struggling to get loans for medical emergencies, education, businesses survival etc from traditional financial lending institutions. SimplyCash delivered during that time by offering a platform where people could loan approval in minutes. They got the money when they needed it. Because of technology, we could lend to various clusters of credit-deserving people across India, who did not have quick access to money. And that is what we want to continue doing. We hit a new milestone last month by launching our service in 25 more cities. In the next 2 years, we want to be present in all major Metro, Tier 1 and 2 locations across India," says Prashant Chopra, National Manager, Digital, Hero FinCorp. 

According to the firm’s internal data, 37 percent of its consumers took out an instant loan for house improvements, 28 percent for medical emergencies and 12 percent for family functions & wedding expenses.

According to Chopra, the increase in popularity of SimplyCash was also because of the ease with which it helped consumers get loans. “Consumers simply prefer the ease with which they could get a loan through our mobile app rather than going to a bank, meeting officials, waiting for hours, doing so much paperwork. It’s just more convenient.” 

Hero FinCorp is the financial services arm of the USD 10 Billion Hero Group, and is one of India’s largest privately-owned Non-banking Finance Companies (NBFC). Originally founded in 1991, as Hero FinLease Limited to serve the financing needs of the Hero Group Ecosystem, the company expanded outwards in 2012, and has since grown its loan book from INR 300 Cr. to approximately INR 30,000 Cr. over the past 10 years. Hero FinCorp today offers a wide range of products and services across Retail, SME, and Corporate Lending segments. Overall, the company serves over seven million customers through its 4,000 plus touchpoints, spread across more than 2,000 locations. Hero FinCorp also has a dedicated home finance arm called Hero Housing Finance which is a 100 percent subsidiary with an Asset Book of over INR 2,500Cr. and presence across major domestic markets.

Driven by technology, fueled by innovation, and equipped with a vibrant spirit of meritocracy, Hero FinCorp is a passionate team of almost 10,000 individuals working towards one mission: Empowering Every Indian’s Dreams of Upward Mobility.