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Deal4Loans raises funding from Ram Shriram, Neeraj Arora, Puru Vashishtha

deal4loans

Online lending platform Deal4Loans has raised an undisclosed amount of investment from individual investors including Ram Shriram, Neeraj Arora and Puru Vashishtha. This is Shriram’s first investment in an Indian company for a while: his fund Sherpalo Ventures was fairly active in the country until 2010, and transferred its other investments (MapMyIndia, Zoomin, PayMate and FutureBazaar, among others) to Lightbox in 2014. Inmobi was the only one it held on to.

Deal4Loans plans to use the fresh capital to tie up with more Non-Banking Financial Companies (NBFCs) and lending institutions, and to expand into the insurance sector. Additionally, Puru Vashishtha and Rishi Mehra will join the company’s board of directors.

Deal4Loans provides loan facility to both individuals and small-scale businesses based on their requirements and credit profile, with tie-ups with 50 NBFCs, banks, and financial institutions. For individuals the company offers personal loans, home loans, car/bike loans, educations loans, and loan against property. It also lists and facilitates credit card applications through its online portal.

The company claims to have facilitated over Rs 10,000 core in loans through its online platform; it mentioned that around 95% of its customer base are aged between the 24 to 39.

Companies in online lending

-Lendingkart, which operates as an NBFC provides loans ranging from Rs 1 lakh to Rs 40 lakh on its online platform. It tied up with Paytm, and Craftsvilla to offer collateral-free loans to SMEs and sellers. In a CCAvenue partnership, Lendingkart said that it would provide small-scale loans to CCAvenue’s consumers and merchants.

-FINO PayTech is an alternate banking channel company that provides credit to rural poor in the states of Maharashtra and Madhya Pradesh through a partnership with with Reliance Commercial finance to offer. The loans will be provided by Reliance Commercial Finance and the disbursement will be through FINO PayTech.

-SwitchMe  allows customers to transfer their home loan to a lower rate of interest by helping them switch between lenders. It does this by providing loan-related information through its online website, while claiming to do all legal paperwork with the least intervention from the customer’s side. This month, it raised an undisclosed funding.

-Creditnation offers personal, home, auto, and business loans through partnerships with banks and NBFCs. It also offers balance loan transfer—similar to SwitchMe. The company had tied up with payment provider Oxigen Services to facilitate the procurement of loans through Oxigen Wallet.

-CreditMantri lets users do a credit health check, credit analysis and credit health improvement program, look for suitable credit cards and loans and EMI cost reduction techniques. It raised $2.5 million in June last year.

-Andromeda is a loan distributing platform that offers personal, business and home loans along with loans against properties, loan comparison and balance transfers. In July 2015, it acquired Apnapaisa, in an undisclosed cash and stock deal.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ