P2P lending startup Paisadukan has raised Rs 1.6 crore in a seed funding round. This is the first capital infusion for the Mumbai-based startup after receiving NBFC licence from RBI and overall third seed funding round since its inception.
Investors participated in the deal couldn’t be ascertained. The Rajiv Ranjan-led firm will use the latest proceeds for key hiring and expand the scope of operations of the platform. Besides, it is also in the process of raising another Rs 3.5 crore round in the next two months.
The digital lending platform essentially matches loan applications with potential borrowers. It handles the servicing of the loan on behalf of borrowers and investors and provides legal and recovery support, principal protection, evaluation of credit risk by a proprietary algorithm.
The startup had recently partnered with Bharti AXA General Insurance to offer loan protection and personal accident insurance solutions to all its customers.
According to Ranjan, the startup has been operational for the last five months and claims to still have maintained its bad loans at nil. It is available on Android application and in the process of launching for iPhone users, reports ET.
A brainchild of Ranjan and Ambar Kasliwal, Paisadukan had raised $225K in April and $650K in March, last year through angel funding route.
Of late, two more P2P lending startups from Mumbai namely RupeeCircle and IndiaMoneyMart got NBFC licence from the banking regulator. Other P2P lending startups include Faircent, Lenden Club, Finzy, Loanzen, and several others.