The Indian Wire » Startups » Mumbai-based PaisaDukan raises an undisclosed amount from JITO Incubation and Innovation Foundation
Startups

Mumbai-based PaisaDukan raises an undisclosed amount from JITO Incubation and Innovation Foundation

PaisaDukan, a Mumbai-based NBFC peer-to-peer (P2P) lending platform, has secured an undisclosed amount in its second round of funding from JITO Incubation and Innovation Foundation (JIIF).

The round was led by Manoj Mehta, a marquee angel investor of JITO Angel Network and CEO of MTC Group, and Sunil Singhvi, a textile business magnate.

“This funding will boost the company’s morale to support financing in rural India through P2P lending and will help in hiring experienced key resources to support company’s rural expansion. It has showcased investors’ confidence on our business strategy and our initiative to make credit accessible to the remote and credit-deficient part of the country, empower women, and enable deeper financial inclusion,” Rajiv M Ranjan, founder and chief managing director of PaisaDukan, said.

Founded by Rajiv M Ranjan and Neeta R Ranjan, PaisaDukan claims to be among the first ones to receive Certificate of Registration (CoR) from the Reserve Bank of India (RBI) in the NBFC-P2P lending category.

While, post the funds transfer, the startup’s overall capital will count to $1.3 million funds since its inception in November 2017.

According to a PWC report, estimated potential of P2P market in Indian is around $4 billion to 5 billion over the next five years.

Some of the key players in the market are Faircent, LenDenClub, Monexo, IndiaMoneyMart, Cashkumar, i2iFunding, RupeeCircle, among others.

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