Home improvement and medical emergencies are the top two reasons why majority of Indians, especially the millennials, opt for instant personal loan, shows analysis of data involving lakhs of users of SimplyCash, the instant loan app powered by the Hero Group.
In the last 12 months, 37% of all instant personal loans disbursed by the firm were taken for home improvement. This was followed by factors like medical emergencies (28%) and marriage and family functions (12%). About 5% of customers took a loan for education, be it for their child’s education or for upskilling their own skills. Other causes included business-related expenses (2%), holidays (2%) and paying off debt (2%).
Chennai-based Dr. Agarwal’s Health Care Ltd. (DAHCL) has closed a landmark fund raise of ₹1,050 crore from TPG Growth, the middle market and growth equity platform of alternative asset firm Texas Pacific Group which is one of the leading investment firms based out of the US, and from existing investor Temasek, a global investment company headquartered in Singapore. The investment round, which is India’s largest fund raise in the eyecare space, will also provide significant capital to fuel the company’s expansion plans and pave the way for an exit for existing investor, ADV Partners. The company also raised Rs. 270 crores investment from Temasek in 2019.