P2P Lending Marketplace PaisaDukan Raises Additional Seed Funding of $225K

Funding Amount & Investors: PaisaDukan.com, a P2P Lending marketplace owned by Mumbai based FinTech start-up BigWin Infotech today announced second round of seed funding and secured USD 225K through angel investment. The company has raised $650K of seed funding last month that takes company to the total Seed investment of $875K till date. The investors’ names are still undisclosed by the company.

Future plans with this funding: Commenting on the recent funding, Rajiv M Ranjan, Founder & CMD of PaisaDukan said “Infusion of Additional Seed funding has showcased investors’ confidence on our platform, as well as on our operations management and business strategy. We have filed our application for NBFC-P2P in Dec 2017 and awaiting response from RBI. Our platform is ready to go live along with mobile app as soon as we receive Certificate of Registration (COR) of NBFC-P2P from RBI. The current round of funding will boost company’s progress and will help in hiring experienced key resources and expand our technology workforce.”

“We are also in discussion with couple of VCs who have shown interest for pre / ‘A’ series funding,” added Mr. Ranjan.

About the company: PaisaDukan operates in the domain of Peer to Peer (P2P) Lending with a view to curb the advent of Financially Excluded India. PaisaDukan will handle the servicing of the loan on behalf of matched borrowers & investors and provides legal & recovery support, principal protection, evaluation of credit risk by a proprietary algorithm. It provides loans for all legal age groups as well as all loan requirements.

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Recent updates in P2p Lending Industry: 

- In March, i2iFunding.com has raised second round of angel investment of about ₹5 crores, led by SucSEED Venture Partners, Manish Poddar, a serial entrepreneur and investor, and a group of angel investors from globally renowned consulting and private equity firms. 

- Last month, Finzy has raised $1.3 million in first round of Pre Series A from investors in the industry. 

- In April, Funding Societies (also known as Modalku in Indonesia), has raised $25 million in Series B funding, led by SoftBank Ventures Korea.

- In May, Chennai-based OpenTap, a fintech startup focusing on the alternate lending segment, has raised about ₹3 crore funding from HNIs (high networth individuals). 

- As per media reports, Paytm is in the process of seeking a licence from the RBI to operate a P2P lending platform. 

- Earlier this month, ETMONEY, a Times Internet backed company, announced its entry into the lending business, with launch of ETMONEY CreditLine, in partnership with RBL Bank.