Andromeda, a loan distributing company, has acquired Apnapaisa, previously known as Apnaloan and one of the oldest loan distributing companies, in an undisclosed cash and stock deal. Andromeda will use Apnapaisa’s technology for its growth over the coming years, as well as utilise its management to digitise its business. It will expand its base in credit cards and personal loans, as well as grow from 30 to 100 Tier I and Tier II cities. Apnapaisa was founded in 2000 and promoted by CEO Harsh Roongta, who previously worked with ICICI Bank and Anik Financial services. The Apnapaisa company, which owned the portals Apnaloan and Apnainsurance, had raised an undisclosed amount of funding from JAFCO Asia and existing investor Sequoia Capital in 2009. At that time, Apnapaisa had said that it would utilise the funds to improve its price comparison service, add car and travel insurance, as well as launch investment products, travel services and mobile commerce. It had also raised funding worth $2.2 million from Sequoia Capital in early 2007 and was backed by Rediff, ING Vysya Bank, SIDBI Venture, Jumpstart Venture Fund, FMO and Edelweiss Capital, who exited the business over time. Andromeda, on the other hand, claims to have a presence across 30 cities in India and a staff of about 1,000 people, distributing loans worth Rs 8,000 crore per year. It also claims to have a customer base of over a lakh and has served over 2 million customers so far. The platform offers personal, business and…
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