AnyTimeLona, a peer-to-peer (P2P) online lending platform, will receiving an investment of around Rs. 12.5 crore from Spice Mobility. With this investment, the company will pick up about 30 percent stake in the P2P lending startup.
According to the documents filed by the company with the stock exchange, Spice Mobility will be investing in the company through its subsidiary Spice Digital. It also added that the company would be subscribing to compulsorily convertible preference shares of Luharia Technologies.
As a part of the deal, Spice Digital will also have an option to make a follow-on investment of up to Rs 12.5 crore. The deal is expected to close within a month.
Commenting on this development, Dilip Modi, chairman of the Spice Mobility, said,
This is another step in the direction of Spice Mobility transforming itself into a digital services company. As part of the digital strategy, fin-tech will be one of our core areas of growth. anytimeloan.in has demonstrated good initial traction in this space, and we are excited to partner with them to accelerate our goal of financial inclusion.
Keerthi Kumar Jain, founder, Luharia Technologies, which owns and operates AnyTimeLoan, said,
The company will derive a huge strategic advantage from this investment by Spice, and enable us to leverage Spice Money’s strong network.
The startup was founded in 2016, and is backed by a bunch of angel investors, besides BetaPlus Capital Partners. According to the company’s claims, it has a loan portfolio of around Rs 47 crore.