Paisabazaar to get Rs 200 crore from parent company EtechAces
, ET Bureau|
Updated: Jan 05, 2018, 08.47 AM IST
BENGALURU: Digital marketplace for loans, mutual funds and credit cards Paisabazaar has received a commitment of Rs 200 crore from its parent company EtechAces Marketing and Consulting. This is part of the Rs 500-crore pre-IPO fund raising that EtechAces had done in October last year.
The lending marketplace plans to use the fresh funds to strengthen its technology platform and build in new decision-making systems to improve the rate of conversion of enquiries on its platform into actual disbursals.
“We are planning to build artificial intelligence- and machine learning-based systems into our decision-making engines and also introduce chatbots for a better experience of our consumers,” said Naveen Kukreja, chief executive officer of Paisabazaar.
Kukreja further added that the company plans to use the funds to help build awareness about its lending products and also promote the brand. Around 6 million people visit the website per month which he wants to take to 9 million by March and 27 million by end of financial year 2019.
The company, which has hit a disbursal of Rs 3,800 crore, wants to achieve Rs 5,000 crore by March of this year. It intends to increase its business by three times over the next financial year and attain a disbursal of Rs 15,000 crore. This will also need an improvement in the conversion rates on the platform which is the measure of the number of people who actually get a loan compared to the number of applications.
The lending marketplace plans to use the fresh funds to strengthen its technology platform and build in new decision-making systems to improve the rate of conversion of enquiries on its platform into actual disbursals.
“We are planning to build artificial intelligence- and machine learning-based systems into our decision-making engines and also introduce chatbots for a better experience of our consumers,” said Naveen Kukreja, chief executive officer of Paisabazaar.
Kukreja further added that the company plans to use the funds to help build awareness about its lending products and also promote the brand. Around 6 million people visit the website per month which he wants to take to 9 million by March and 27 million by end of financial year 2019.
The company, which has hit a disbursal of Rs 3,800 crore, wants to achieve Rs 5,000 crore by March of this year. It intends to increase its business by three times over the next financial year and attain a disbursal of Rs 15,000 crore. This will also need an improvement in the conversion rates on the platform which is the measure of the number of people who actually get a loan compared to the number of applications.
