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The startup had raised angel fund from Facebook executive and former Snapdeal chief product officer Anand Chandrasekaran.
The funding will be use by the company for the expansion of its operations with an aim to grow its presence to 100 cities by December this year. It also plans to launch new products in coming months.
The company says that it has not been aggressively pushing users to sign-up for the payments bank account.
While Finova has already established its presence in Rajasthan, the newly raised funding will help it to expand across the country.
The newly raised funding will be used by the company to help it accelerate its growth plans. It plans to reach a target of 30,000 loan disbursements per month by the end of this financial year.
Along with announcing the company's expansion to India with office in Mumbai, Ripple has also announced that former banking executive Navin Gupta will lead operations in the country.
The funding comes through Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management.
PolicyBazaar and PaisaBazaar's parent company is reportedly in advance talks to raise ₹128 crore funding round. The funding will come from PE major True North and IDG Ventures.
After getting notice from the India Post over the usage of word 'Postcard', Paytm has now decided to rename the service and instead call it 'Lifafa'.
Ezetap, a POS solution provider, has secured Rs 102 crore in its latest funding round. The amount comes from US-based JS Capital Management, along with Social Capital and Horizons Ventures.