Andromeda Acquires apnapaisa.com in Stock and Cash Deal

MUMBAI, July 15, 2015 /PRNewswire/ --

- The Largest Loan Arranger to Benefit From Digital Push

- Step in the Direction of Complete Digitization of Andromeda

Andromeda, India's largest loan distributor, has further consolidated its position by acquiring apnapaisa.com, pioneer in the online loan solutions space in a stock and cash deal. With this, ApnaPaisa's technology will be the engine of growth of Andromeda in the coming years.

Andromeda, with presence in more than 30 cities across the country with a- 1000-staff strength, is the largest loan distributor distributing around Rs. 8000 crores per year. Andromeda works with all the leading financial institutions and has a customer base of more than 1 lakh.

Apnapaisa.com, a pioneer in online finance solutions space was promoted by Mr. Harsh Roongta, a well-known personal finance professional and the portal has established itself a strong online brand in the loan distribution sector.

Andromeda's acquisition of ApnaPaisa is in line with the increasing trend of digitization and the tech-edge that ApnaPaisa brings would drive the growth of Andromeda.

ApnaPaisa was started in 2007 and is a pioneer in establishing a customer centric Internet platform to help customers find best possible loans. Till date we have helped more than 2 million customers to find the best possible deal on loans. Our portfolio consists of Home Loan, personal Loan, Business Loan and Loan Against Property.

Commenting on the company's decision to acquire the portal, Mr. V Swaminathan, CEO, Andromeda, said, "With impeccable track record in the loan distribution business over the last 15 years, it is natural for the company to accelerate its process of growth by leveraging ApnaPaisa's digital strength. We are known for professional, efficient and transparent service standards and moving into online space would further strengthen our well-established track record."

"The acquisition is not just for generating additional business, it is also aimed to benefit from the management strength of ApnaPaisa to digitize the existing business and also to increase our portfolio in products like credit cards and personal loans which are fast going digital," said Mr. Naresh Daga, Co-founder and CEO apnapaisa.com.

Lending is a complex business and requires contextual intervention, particularly in secure products. With the housing sector slated for rapid growth across the country, this acquisition will further consolidate our pre-eminent position, Mr. Daga added.

Andromeda has also chalked out an aggressive expansion plan in the coming years to expand its footprint to 100 cities from the current level of 30 cities. Both tier I and tier II cities will be part of this expansion plan as housing finance requirements is expected to witness a sharp increase.

Andromeda services all customers that the major lender offer  with an emphasis on individual retail portfolio.

About Andromeda:

Andromeda stands as an epitome for dedication, expertise and the drive to provide our customers the service for which they chose us over the rest. A company that has been enabling many in fulfilling their dreams, Andromeda is an organization where the difficult is made easy. Providing the best loans by tailoring them to our customer’s needs, Andromeda has risen to being the most preferred loan consultancy in the country.

Started as a Direct Sales Associate for Citibank in 1991, under the leadership of Mr. V. Swaminathan, who built a team of 25 seasoned managers with more than 200 years of total experience, Andromeda has seen rapid growth in the 20 years of its operations. This was possible, not only by the values and qualities exhibited by Andromeda as an organization, but also by the power and influence of a strong sponsor.

Today, Andromeda operates out of 16 major cities in the country and in its two decades of operations has disbursed loans worth over Rs. 5,000 crore to more than 8000 crore happy customers. It is the biggest financial distributor in India having partnered with some of the biggest financial institutions in the country.

Media Contact:
Shahab Shaikh
[email protected]
+91-9320897525
Concept Public Relations India Limited