Faircent Raises Series A Funding From JM Financials, Picks Up 10 pc Stake
Financial services firm JM Financial today said it has acquired close to 10 per cent stake in peer-to-peer (P2P) lending startup Faircent. Though the amount has been undisclosed but it's estimated to be close to Rs 16.5 crore (between USD 2.5 million to 3 million).
In a filing to the BSE, the company said its subsidiary JM Financial Products has executed the agreement to acquire securities representing up to 9.84 percent on a fully diluted basis of the total paid-up capital of faircent.
Faircent is engaged in the business of operating a web portal and mobile application under the name of Faircent.com which provides a virtual peer-to-peer lending marketplace.
Without disclosing the deal size, Faircent founder and CEO Rajat Gandhi said "funds raised from the transaction would be used ...