Mumbai based LoanTap Financial Technologies, a digital platform that makes customised loans available to salaried professionals, has raised $12 million in a Series B round led by private equity firm Avana Capital. The latest infusion takes the total capital raised by the company to $25 million.
Returning investors in the Series B round include 3one4 Capital, India Quotient, Shunwei Capital and Kae Capital, the company said in a statement. LoanTap last raised $8 million in January this year in a round led by Bengaluru based venture capital firm 3one4 Capital. In July last year, it raised $6.25 million in a funding round led by Chinese venture capital firm Shunwei Capital.
“LoanTap is using the latest technology and has developed a robust underwriting process to build a high-quality portfolio,” Avana Capital founder Anjali Bansal said in the statement. Bansal was earlier global partner at private equity firm TPG.
Founded in 2016 by Satyam Kumar and Vikas Kumar, Loantap offers products such as equated monthly installments (EMI) free loans, rental deposit loans, holiday loans to white collared professionals. “We tripled our loan book last year and the current round of funding will further fuel this growth,” Kumar, the company’s CEO said.
Prior to LoanTap, Kumar spent several years in the financial services industry across organisations such as ICICI Bank and IndusInd Bank. Vikas Kumar, the company’s CTO, is an alumnus of IIM Lucknow and was earlier co-founder and CTO at SME Networks, a customer acquisition platform for small and medium enterprises, and elearning company Brainvisa.
Mumbai-based Avana Capital specialises in backing mature startups across sectors with growth capital. Apart from LoanTap, it has also invested in insurance platform Coverfox.