PaisaDukan Announces Seed Funding from Angel Investors
PaisaDukan.com a P2P Lending marketplace solely owned by Mumbai based FinTech start-up BigWin Infotech, today announced secured seed funding of USD 650K through Angel funding rout. The fund will be used for marketplace platform and mobile app development.
BigWin Infotech is a government of India recognized ISO 9001:2015 &ISO 27001:2013 FinTech startup.PaisaDukan is a Techno Grad – CA Association and is a brainchild of two industry expertsMr. Rajiv M Ranjan, a leading FinTech professional, and Mr. Ambar Kasliwal, a practicing CA.
Commenting on the development, Mr. Rajiv M Ranjan, Founder & CMD PaisaDukan said “The deal signifies our robust QMS and is our first milestone. Our mission is to provide a world-class platform for borrowers & lenders that will empower and set new standards bringing a comprehensive portfolio carrying unparalleled products to fasten our services.We are coming up with own proprietary credit risk management tool to cater all sections of society.”
“We have applied for NBFC P2P license in Dec’ 2017 and are awaiting an approval from RBI. Our platform will go live as soon as we receive the Certificate of Registration from RBI” added Mr. Ranjan.
P2P lending is one of the most innovative products of recent time; India has a huge potential and is poised to flourish in 2018. According to various market reports, India is poised to be a USD 4-trillion economy by 2022, of which USD 1-trillion would be a digital economy. On a similar note, the Govt. of India emphasized on the digital economy and announced various budget allocations to boost digital Indian economy in the union budget 2018.
“We are deeply inspired by ‘Digital India’.Our vision is very clear, we aim to serve India’s traditionally underserved populace, and our target audience consists of consumers who find it difficult to secure a timely loan from banks or any other financial institutions. Also, we are not limited to basic lending operations; we’re expanding our services into certain areas where financing institutions don’t foray into, we will be catering to tier 2, tier 3 and rural locations to bring investors and borrowers together”said Mr. Ambar Kasliwal, co-founder & director, PaisaDukan.com.
The NBFC sector in India has grown significantly during the last few years and has become an important segment in the financial sector contributing to almost 10 per cent of the total assets of the financial sector.
RBI issued a guideline to companies operating in a peer to peer lending platforms and classified them as NBFC-P2P. This is the twelfth category of NBFC introduced by RBI with the last one being for microfinance companies (i.e. NBFC-MFI).
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