Peer-to-peer digital lending platform Liquiloans has raised $1.68 Mn in its pre-Series A round led by Matrix Partners.
Bengaluru, 22 Jan, 2019. RedNewswire/-
Liquiloans is a Peer to Peer Lending platform founded by Achal Mittal and Gautam Adukia who have previously co-founded a successful rental platform ‘Rentomojo’.
The company uses technology to match borrowers and lenders and in the process eliminates the margin which is charged by traditional banks and NBFCs, thus, making borrowing cheaper and investing a more lucrative opportunity as compared to traditional investment avenues.
Other investors Like Freecharge founder Kunal Shah, Renaissance Group chairman Abhishek Dalmia and Jitendra Panjabi also participated in the funding round.
The funds will be used to establish itself as a trusted brand and build credibility in the market as a new P2P player.
Avnish Bajaj, founder and managing director, Matrix Partners India, said, “P2P lending is an emerging sector in India and we believe it will play an integral role in shaping the Indian consumer credit market in the near term.”
“We have received around Rs 10 crore from Matrix Partners and the remaining amount has been put in by a few investors in their personal capacity,” said Mittal. “With this fundraising and institutional backing we will try to establish ourselves as a trusted brand and build credibility in the market as a new P2P player.”