Ziploan raises Rs 20 crore in equity fundraise
, ET Bureau|
Updated: Oct 25, 2017, 08.23 AM IST
BENGALURU: Online lending platform Ziploan, which lends to small proprietorship businesses, has raised Rs 20 crore in an equity fundraise, led by Matrix Partners. Its existing investors Waterbridge Ventures and Whiteboard Capital also participated in the round. The lending company plans to expand its area of operation and enhance its technology platform after this fund infusion.
“We were operational in Delhi and started business recently in Indo re. We plan to expand to other tier-II cities over the next one year and build a Rs 200-crore loan book within that time,“ said Kshitij Puri, co-founder of Ziploan.
The company had raised a pre-Series A of Rs 4 crore in April 2017. In August last year, it had raised Rs 2 crore from Growx Ventures in a seed round. Founded two years back, the lending company has recently scaled up its business and attained a run rate of around 50 to 60 loans per month with a monthly disbursement of around Rs 2.5 crore.
The average interest rate for the lender hovers around 20% per year with 0.5% of non-performing loans. “We have disbursed around 350 loans as of now, with the total amount given out being Rs 10 crore which is growing at the rate of 25% per month now,“ said Puri.
“We were operational in Delhi and started business recently in Indo re. We plan to expand to other tier-II cities over the next one year and build a Rs 200-crore loan book within that time,“ said Kshitij Puri, co-founder of Ziploan.
The company had raised a pre-Series A of Rs 4 crore in April 2017. In August last year, it had raised Rs 2 crore from Growx Ventures in a seed round. Founded two years back, the lending company has recently scaled up its business and attained a run rate of around 50 to 60 loans per month with a monthly disbursement of around Rs 2.5 crore.
The average interest rate for the lender hovers around 20% per year with 0.5% of non-performing loans. “We have disbursed around 350 loans as of now, with the total amount given out being Rs 10 crore which is growing at the rate of 25% per month now,“ said Puri.
