Mumbai-based P2P lending startup Paisadukan has raised ₹1.6 crores in seed funding. The details of the investor were not disclosed by the startups. This is the first capital infusion for the peer to peer lending startup after it obtained an NBFC licence from the RBI. The startup has earlier raised two more seed funding rounds.
The startup plans to use the funds to hire manpower and expand the operations of the P2P lending platform. Paisadukan is also in talks with several investors to raise another ₹3.5 crores in the upcoming two months.
Founded by Rajiv Ranjan in 2018, the startup, Paisadukan matches loan applications with potential borrowers. The startup handles the loan disbursal process on behalf of the investors and borrowers by providing a legal framework, recovery support, principal protection as well as credit evaluation using a proprietary algorithm.
Paisadukan has partnered with Bharti AXA General Insurance to enable loan protection as well as personal accident insurance solutions to all its customers. The startup has been operational for last five months and has not witnessed any bad loans since then. The platform is available on Android and the startup is working towards launching an iPhone app as soon as possible.
Earlier in April 2018, the startup raised ₹1.575 crores from angel investors. Prior to that in March 2018, the startup raised ₹4.55 crores in another seed funding round. The startup has raised a total of ₹7.7 crores in three seed funding round till date.
There has been quite some development in the P2P lending sector in India. Two startups from Mumbai – RupeeCircle and IndiaMoneyMart received NBFC licence from the Reserve Bank of India. There are several P2P lending startups in India. Some of them are Faircent, Finzy, Lenden Club and many more.