Happy Loans, the platform that connects borrowers from the MSME sector to lenders announced on Thursday that it made the acquisition of Non-Banking Financial Company (NBFC) IFMR Mezzanine Finance Private Limited in order to use the funds of the firm to provide loans to its customers.
Consequently to the deal, the NBFC company’s name will change to Arthimpact Digital Loans Private Limited.
The acquisition is also a profitable way for Happy Loans to provide more capital and resources to micro-entrepreneurs than they could previously while reducing the cost of providing capital to its customers.
Additionally, this purchase allows Happy Loans to benefit from a bigger share of the online loan market place. Indeed, Happy Loans looks forward to use Arthimpact Digital Loans Private Limited as a lending partner that would help it expand faster while being economical as well.
“Our central objective is the eradication of barriers to growth through the provision of finance in India, and we are pleased to be able to direct and invest our own capital into the micro-entrepreneurs instead of channeling the contribution of a chain of vendors. Since our operational launch, our micro lending platform and strategic alliances have helped us push over 10000 loans in just one year. Now, we shall have a vehicle to channel our own capital into promising merchants through our partners in the field,” said Happy Loans’ founder and MD, Manish Khera.
Happy Loans is enjoying a good period in business presently, especially after partnering with over 10 giant merchant aggregators and has since been adamant in fulfilling its commitment in empowering the under-served portion of retail micro-entrepreneurs with high-potential.
The ten partners offer comprehensive market networks and enables Happy Loans to get in touch with data of several micro-entrepreneurs spread across over 400 locations within India.
After completing this acquisition, Happy Loans is set to achieve its goal of rapid expansion in the financial sector of India and reaching its target milestone of one lakh merchants when this fiscal year comes to an end.