Delhi headquartered online lending platform ZipLoan, owned and operated by Blue Jay Finlease, last week announced the departure of cofounder and director Shalabh Singhal.
Singhal has set up his own venture and will continue to be a director and shareholder in ZipLoan, a statement said.
According to Singhal’s LinkedIn profile, he has been building Trademo since June 2020. Trademo is a software-as-a-service platform for small and medium businesses to manage cross border trade.
Singhal set up ZipLoan with cofounder Kshitij Puri in 2015 as a technology enabled lending platform focused on medium, small and micro enterprises (MSMEs), providing unsecured loans between Rs 1 lakh to Rs 7.5 lakhs. The company last raised $2 million in a debt round from Stride Ventures in August 2020. The company is backed by Elevation Capital and Matrix Partners and has raised $20 million in equity capital to date.
“The company is on a strong growth path to achieve its vision and I wish everyone at ZipLoan continued success in their roles. I would like to thank my co-founder Kshitij Puri, our team, investors, lenders and all business partners for their immense support in our journey,” Singhal said.
ZipLoan competes with companies such as Indifi, Aye Finance and other players in the small business financing segment. It was reportedly in talks to raise another round of investments from Waterbridge Ventures and Whiteboard Capital.