Faircent.com, Indian peer to peer lending platform catering to retail and business loans has finalized a deal for diluting 9.84% of its stake to JM Financial Products Ltd., a subsidiary of JM Financial Ltd.
Commenting on the development, Mr. Rajat Gandhi, Founder and CEO said, “Faircent has been generating interest since its inception. We have been busy building the best technology platform for a totally new industry, these investments give us the confidence that we are on the right track towards disrupting world’s oldest industry.”
Existing investors Mohandas Pai’s Aarin Capital and Singapore based fund M&S Partners too participated in the Series A round.
This round also saw participation from individual investors like Arun Tadanki ex-MD Yahoo Asia and MD of Monster.com, Asia Pacific & Middle East; Doreswamy Nandkishore, ex-member of the Global Board of Nestle; US based Serial entrepreneur Kshitij Jain, founder of Mobolt, which was acquired by Indeed.com.
“We shall utilize these funds to further refine our tech enabled risk mitigation algorithms through big data analytics thereby empowering our lenders to take better decision and creating greater access to credit for borrowers.” added Vinay Mathews, Founder and COO.
"Faircent has been at the fore front of disrupting the online lending space in India and has demonstrated its leadership position in building a robust P2P business model by adding value to both borrowers and lenders” said Manish Sheth, Chief Financial Officer, JM Financial Group, while speaking on their investment.
Faircent.com, which started its operations in 2014, is already a pioneer in the Indian peer to peer lending market with over 6,000 and 25,000 registered lenders and borrowers respectively and has disbursed a total loan of Rs. 4.5 crore in over 18 months. It is a P2P lending marketplace where creditworthy borrowers and lenders are aggregated. Faircent empowers the borrower by having a transparent rate discovery model and enables them to reduce interest rate through a unique reverse auction model.
