NOIDA, India, May 20, 2016 /PRNewswire/ --
i2ifunding , one of the leading peer to peer lending platforms in India, today announced that the company has secured Angel funding from a group of industry veterans. "We are delighted that this distinguished group of investors has chosen to support i2ifunding in our mission to increase financial inclusion in India by helping the borrowers access loans for various needs at lower than market rates and at the same time provide an alternative high return investment option to retail investors," said Vaibhav Pandey, the CEO of the company. "This investment could not have come at a better time as RBI has talked about 2Cr capital requirement for P2P players in the concept paper recently released for regulating P2P lending platforms in India and this funding would mean that we would be able to clear this requirement easily." The company does not want to disclose the amount raised in the current round.
i2ifunding connects verified borrowers looking for unsecured personal loans with lenders looking for high return investment options. "We have been growing rapidly since inception and today we do more loans in a month than what we used to do in a quarter about a month back. Founded in 2015, we have now more than 1200 registered users on platform. Our real strength lies in our strong credit underwriting process supported by our proprietary risk evaluation model. There has been no default on our platform till date," added Neha Aggarwal who heads the risk management division.
Company plans to utilize the fund towards technology expansion and also towards increasing its presence geographically. Manisha Bansal who heads strategy said, "We currently have investors from all across the country; however borrowers are limited to Delhi NCR, Mumbai and Bangalore. Our target is to expand to at least top 20 cities of India in next one year."
P2P space in India has recently seen lot of interest after RBI came up with the concept paper on regulating the P2P lending market in India. "P2P lending in India is going to grow very rapidly in coming days and we are all geared up to establish ourselves as one of the top players in this space," added Vaibhav.
i2ifunding is a market place which connects retail investors and borrowers and the loan raised can be used for multiple purposes which include purchase of consumer durable, debt consolidation (i.e. repayment of credit card debt etc.), medical expenses, education expenses, cash cycle optimization etc.
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