Thu. Mar 28th, 2024
LoanTap

Mumbai-based LoanTap is an online lending startup which has raised ₹25 Crore ($4 million) from Kae Capital, India Quotient, IFMR and MAS Finance along with other serial investors, in a round that saw a mix of equity and debt instruments. The company is also targeting new cities like Chennai, Bhopal, Indore and Raipur to render their services.

Satyam Kumar, CEO of LoanTap stated that “the fresh funds will be used mainly for loan book building. “The capital will be used mainly for onward lending. With this capital infusion, LoanTap is planning to target and give loans to over 5,000 individuals, especially millennials, in the next six months.”

Navin Honagudi, investment director at Kae Capital commented that “Satyam and Vikas (co-founder) together bring strong expertise in credit, sales and technology. They have demonstrated strong growth and are able to differentiate with their innovative products and processes, which make their value proposition very compelling,”

Apart from the lending services, LoanTap also provides EMI free loans, personal loans, salary overdraft, rental deposit among other products.