Milaap bridges this gap from two directions. Milaap works with carefully vetted, credible grass-root organisations across India to share the specific individual lending needs in their communities - be it a student in Rajasthan, an artisan in Manipur, or family in need of clean water in Tamil Nadu.

These specific needs are then published on Milaap’s online fundraising platform which enables individuals, companies, and interest groups to take meaningful action by giving loans to them, sharing their stories and starting campaigns to mobilize more funds through their social networks. Lenders are able to track specific progress of the loan from initial funding to repayment and impact made.

To date, Milaap has raised over US$800,000 in loans impacting over 25,000 lives across 10 states in India, for a range of needs such as better school infrastructure, employment-linked training for the youth, seed capital for small businesses, access to clean water & sanitation, and safe lighting for families.

"Asia has the largest pool of people who do not have access to traditional banking systems. We are tapping on the long tail of the internet and disrupting how people – either individually or through their activated social networks can raise and provide capital to the millions who are unbanked," said Sourabh Sharma, CEO & Co-founder of the company.

Jayesh Parekh, Managing Partner of Jungle Ventures which led this investment round said, "I have known the founding team of Milaap for the past few years. They are passionate entrepreneurs and they seem to have good execution capabilities. Enabling crowd funding in Asia comes with its own set of challenges and they have shown good traction early on. I believe Milaap has the potential to build a compassionate community where millions of Internet users come together to create sustainable and long term impact." As appeared on PRweb.com

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