i2iFunding.com, a prominent peer-to-peer lending platform announced on Thursday that it has raised a second round of angel investment worth Rs 5 crores.
The funding round was led by SucSEED Venture Partners, Manish Poddar, an entrepreneur and investor along with a group of angel investors from worldwide famous consulting and private equity firms. The investment will be used to strengthen technology, infrastructure and to expand geographically.
“We are developing the technology that can easily help to channel these savings to credit starved small borrowers. It is our mission to provide quick credit to small borrowers at appropriate interest rates. We will help the Government of India in its objective to further increase financial inclusion,” said i2iFunding.com co-founder, Vaibhav Kumar Pandey.
He also stated that the funds would serve to develop a user-friendly interface, which will be supported by state-of-the-art technology based on big data for credit appraisal.
“The strong customer centric approach providing seamless and transparent user experience clearly shows the maturity of the founding team. We believe that i2iFunding is well placed to lead the P2P lending space in India supported by the recent RBI regulations which will help the industry achieve sustainable yet robust growth,” said investor, Manish Poddar.
“The dedication, maturity and consistent hard work of the entire team of i2iFunding has been extremely impressive which has drawn me towards them with trust and affirmation,” said director-strategy deployment at Flipkart, Saket Jain.
Abhinav Johary, Manisha Bansal, Neha Aggarwal, Raghavendra Pratap Singh and Vaibhav Pandey founded the lending platform, i2iFunding in 2015. They are improving their geographical outreach very fast lately and even set up an undertaking team expansion. The firm now aims to fund at least Rs 15-20 crores worth of loans monthly in the next two months, while they are only loaning about Rs 1 crore every month presently. The platform boasts around 50,000 registrations with about 3,000 active lenders currently.