Apnaloan portal gets $3.3 M funds

By siliconindia   |   Monday, 02 June 2003, 19:30 IST
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MUMBAI: JumpStartUp Venture Fund along with FMO of the Netherlands, ING Vysya Bank and SIDBI Venture Capital, has invested $3.3 million in financial services portal Apnaloan.com. This is the third round of funding for Apnaloan, which has raised a total $6 million (about Rs 280 crore) since it started operations in February 2000. "The latest round of funding will be primarily used for making investments in technology. The current inflow of investments into the portal reflects the confidence of the investors in Apnaloan’s business model," ApnaLoan CEO Harsh Vardhan Roongta said. "Apnaloan provides consumers the power of informed choice, a powerful tool that helps the consumer in getting products best suited to his specific requirement. Our customers have derived great benefits from our customer-centric approach," Roongta said. "The investment recognises our ability to successfully implement the business model and profit from the fast expanding retail consumer finance business. We will be working with our strategic partners to offer new products and services," he added. JumpStartUp Fund Advisors Pvt. Ltd managing director Kiran Nadkarni said, "Apnaloan is JumpStartUp Venture Fund’s first investment and this round of financing vindicates our investment philosophy. The company gives the power of choice to the consumer, which is one of the biggest strengths of its business model. Apnaloan has a strong management team with excellent execution capabilities. Apnaloan therefore has the power to do a significant value addition to the high growth retail finance business in India." Retail finance and insurance products are the fastest growing segments in India today, growing at more than 30 per cent. Apnaloan currently processes retail finance products worth over $200 million.