Digital Lending Startup Qbera Raised $3 million from E City Ventures
Digital lending startup Qbera which is headquartered in Bengaluru has raised funds amounting to $3 million (about Rs 21.5 crore) in its first institutional fundraising since its establishment. The funding is an all-equity deal led by E City Ventures which is a subsidiary of Essel Group.
The funds raised in this fresh funding round are planned to be used by the one-year-old company in the expansion of its scope of operations. Also, the funds will be used to strengthen the company’s technology platform and expand its team.
“We are in eight cities presently, and will now expand the business to new cities like Patna, Chandigarh, Indore and Bhopal,” said Qbera founder Aditya Kumar. “We are currently getting around 10,000 loan applications per month. The target is to scale up to 50,000 in th...