Mumbai-based peer-to-peer lending platform LiquiLoans, one of the few players to have secured a P2P licence, has raised an undisclosed amount of funding from existing investor Matrix Partners India.
The round also saw participation from Kunal Shah, founder of Cred and Freecharge, and Ashutosh Taparia, previously joint managing director of Famy Care, said Matrix Partners India in a statement. Besides them, the following also took part in the round: Abhishek Dalmia, chairman, Renaissance Group; Jitendra Punjabi, former executive at Capital Group; and Anuj Golecha, co-founder, Venture Catalyst.
LiquiLoans, owned and operated by NDX P2P Pvt. Ltd, connects individual lenders to retail borrowers through a technology platform.
LiquiLoans was started early last year by Gautam Adukia and Achal Mittal, two of the four founders of home appliances and furniture rental marketplace RentoMojo.
The fintech startup facilitates personal as well as consumer loans. It says it charges zero upfront fees and promises same-day approval. The amount gets disbursed to the borrower’s account within the next 12 hours, according to its website.
Avnish Bajaj, founder and managing director, Matrix Partners India, said, “P2P lending is an emerging sector in India and we believe it will play an integral role in shaping the Indian consumer credit market in the near term.”
This is in addition to the $300 million Matrix had raised for the fund earlier.
Founded in 2006, Matrix Partners India invests in startups targeting consumer and enterprise market at the seed, early and early-growth stages.
Its most recent investments include marketing cloud platform MoEngage, online services marketplace Housejoy, hyperlocal delivery platform DailyNinja, pharmacy app Myra and food and beverage brand &ME.