The company uses artificial intelligence and machine learning to provide individuals and small and medium businesses with easy access to finance through loans, credit cards and other products and has already signed up over 90 lenders on its platform.
Kalaari Capital-backed online lending marketplace Rubique is looking at acquiring 1 million customers by 2020, by when it expects to login in profit, says a senior company executive.
The company uses artificial intelligence and machine learning to provide individuals and small and medium businesses with easy access to finance through loans, credit cards and other products and has already signed up over 90 lenders on its platform.
"We've 2.2 lakh customers on our platform now and aim to service 1 million customers by 2020," Manav Jeet, founder and chief executive of Rubique told PTI.
He further said they expect to break even by FY20 on a revenue of Rs 150 crore. It expects to close the current fiscal year with a revenue of Rs 70 crore.
"We continue to grow in double digits and the second half of the year is always better for business," he added.
Rubiques primary products include retail loans, and credit cards and SME loans. About 60 percent of the business come from SME loans, in terms of value.
Speaking about other product categories and inventions, he said while they will offer insurance as well, they will bundle it with loans, keeping lending as its primary focus.
The company receives 1-4 percent of the loan value as commission, he said.
They are looking to deepen their services to 20 cities by March 2019 from the present 10 cities.
Rubique has raised over USD 10 million in funding, since 2015 from Kalaari Capital, Japans Recruit Group and Russian venture capital management company Emery Capital.
