Financial products platform RupeePower expects to grow about 70 per cent this year, clocking Rs 15 crore in revenue as it expands its product portfolio and facilitates disbursal of Rs 10,000 crore in loans.
The Gurgaon-based startup, which had sold a majority stake in the company to eCommerce major Snapdeal in April 2015, has bought back control in August this year. Snapdeal is now a minority shareholder in the company.
“We want to become a platform to guide users in making the right investment choices. They (currently) get access to a number of products like loans and credit cards through our platform and using analytics based on their spending patterns, social media profile, we want users to be able to access the right financial products,” RupeePower founder Tejasvi Mohanram said.
He added the company expects to facilitate loan disbursal to the tune of Rs 10,000 crore this year, up from Rs 7,000 crore last year.
RupeePower is targeting categories like home loans, loans against property, credit card, personal loans, auto loans, overdraft and SME loans. It works with firms like ICICI, IndusInd and SBI.
“We have partnerships with 15 banks and are expanding that to 20 by the end of the fiscal… We have already helped disburse about Rs 3,500 crore in loans. We expect the momentum to pick up pace in the second half of the year, closer to the festive season,” he said.
About 2 lakh users have received credit using RupeePowers platform. “Last year, we had revenue of Rs 9 crore, which we expect will touch Rs 15 crore this fiscal,” he said.
Asked about buying back shares from Snapdeal, Mohanram said it will allow RupeePower to work with other eCommerce companies as well.
“A significant portion of the population doesnt have a CIBIL score. However, when they look for credit, using technology, we can help lenders decide on the credit worthiness of the customer,” he said.
Mohanram added that while the “core business is profitable”, the company is looking at raising funds later this year to fund new lines of business.
“We are looking at ramping up our headcount from 70 people in the core team to about 100, especially advisors,” he said.