loan | Pixr8 News

Gurgaon Based RupeePower Eyes Rs 15 Cr Revenue in FY17

11Sep By NitishNo Comments

BUSINESS

Gurgaon Based RupeePower Eyes Rs 15 Cr Revenue in FY17

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. H...

Fintech Firm LoanTap Raises $3 mn From HNIs

29Aug By PriyankaNo Comments

FUNDING

Fintech Firm LoanTap Raises $3 mn From HNIs

Fintech platform LoanTap today said it has secured USD 3 million in a first strategic round of funding (Series A) from high net worth individuals (HNIs) Abhishek Pandey and Jaysukh Sapra. LoanTap said nearly 85 per cent of the funding, which was led by Mumbai-based HNIs, will be used for onward lending by the platform, while a part of the remaining capital will also be used to augment its technology and distribution frameworks. Further, LoanTap will be leveraging the raised capital to expand its operations in NCR, Mumbai Metropolitan Region, Pune and Bangalore, it said. LoanTap has an inhouse NBFC platform delivering flexible EMI-free loan and overdraft products to salaried professionals. Headquartered in Mumbai with the back office in Pune, LoanTap follows an agency-based coll...

Flipkart Will Provide Rs 75 Cr Loans to Sellers

25Aug By AnkitaNo Comments

News

Flipkart Will Provide Rs 75 Cr Loans to Sellers

E-commerce major Flipkart, after facilitating loans worth Rs 125 crore for sellers on its platform in last one year, is looking to help merchants avail credit facility of over Rs 75 crore in the next few months. The Bengaluru-based firm, which has partnered eight financial institutions including Axis Bank, Bajaj Finserv, NeoGrowth, Lendingkart and Capital First to offer collateral-free loans to sellers on its platform, has already disbursed Rs 125 crore worth of loans in the last one year. Under the Flipkart Growth Capital programme, launched in July last year, Flipkart sellers can avail loans with interest rates starting at 11.40 per cent, Flipkart said in a statement. The programme had received over 3,000 applications in the initial months of the launch and over 800 loans have b...

28Jun By NitishNo Comments

FUNDING

Lendingkart Raises 205 Cr in Series B

Online loan platform Lendingkart Group today said it has raised Rs 205 crore (USD 32 million) in second round of funding led by Bertelsmann India Investments. The fresh round of funding also saw participation from Darrin Capital Management and existing investors - Mayfield India, Saama Capital and India Quotient, it added. With this, the company has raised Rs 260 crore (USD 41 million) till date. "With Bertelsmann India Investments (BII) onboard, we look forward to leveraging its deep understanding of global financial products as well as Internet businesses," Lendingkart Group co-founder and CEO Harshvardhan Lunia said in a statement. Of the Rs 205 crore funding, about Rs 128 crore (USD 20 million) was raised as equity and about Rs 77 crore (USD 12 million) as debt in the second round or...

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

22May By AnkitaNo Comments

News

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

Fin-tech company Mobikwik is expanding its services by offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country. The company, which competes with Alibaba-backed Paytm, started pilot on the project a few weeks back and has already given loans to about 25,000 users. "These are micro loans, about Rs 500-2,500, given to users when they are running short on balance while making a purchase. We are happy with the product, the repayment rates are around 97 per cent. We are now looking at expanding this," MobiKwik co-founder Upasana Taku said. She added that the company has partnered consumer-lending marketplace, CashCare for the service. MobiKwik is in process of adding 10-12 other similar banks and...

Bandhan Bank Posts Net Profit of Rs275.24 crore

15May By Press Trust of IndiaNo Comments

News

Bandhan Bank Posts Net Profit of Rs275.24 crore

Kolkata: Joining Indian banking league with 501 branches, Bandhan Bank Ltd said it had posted a net profit of Rs.275.24 crore, or Rs.3.40 per share, till 31 March, in the little over six months since it started functioning as a bank. The former microfinance lender, which launched itself as a bank on 23 August, has till now clocked revenue of Rs.1,731 crore, it said in a regulatory filing. Earlier in the day, its managing director and chief executive officer Chandra Shekhar Ghosh said at a media interaction that the bank had added around 700,000 new customers since last August and that it currently has around Rs.13,000 crore in public deposits. The loan book size is Rs.15,200 crore, he added, while refusing to discuss financial performance. State-wise, Bandhan's West Bengal unit...

11May By AnkitaNo Comments

FUNDING

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 ...

India’s First Cash Giving App ‘CASHe’ Launched

3Apr By AnkitaNo Comments

News

India’s First Cash Giving App ‘CASHe’ Launched

Tslc Pte Ltd., a fin-tech company promoted by serial entrepreneur and private equity investor V. Raman Kumar, today announced the launch of its all new mobile-only lending platform - CASHe, providing users a personalized experience to borrow cash anytime, anywhere within minutes. CASHe was launched in Mumbai at a glittering ceremony today with Bollywood's rising star Arjun Kapoor unveiling the product. "CASHe is the ideal platform for consumers to take control of their short term finances", said V Raman Kumar, Chairman of TSLC PTE LTD. "Today's young professionals have different aspirations and needs not very well addressed by the present banking system. We are simplifying their borrowing experience with CASHe. With this new smart phone platform we will be providing immediate cash loan...

Alibaba in Talks With Several Banks For Up to $4 Billion Loan

26Feb By reutersNo Comments

News

Alibaba in Talks With Several Banks For Up to $4 Billion Loan

Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) is in talks with several banks to borrow up to $4 billion to fund expansion plans, including acquisitions, the Wall Street Journal reported on Friday, citing people familiar with the matter. The loan is expected to be finalized next month, one of the people told the Journal. Alibaba has been picking up stakes and buying companies in China and abroad. The company has also been expanding in other areas such as online video and local services as volume growth in core online shopping business slows. Alibaba shares were up 2.2 percent at $68.13 in premarket trading on Friday. Up to Thursday's close of $66.66, the stock had fallen about 18 percent this year.