“This investment could not have come at a better time as RBI has talked about 2 Cr capital requirement for P2P players in the concept paper recently released for regulating P2P lending platforms in India and this funding would mean that we would be able to clear this requirement easily.” The company did not disclose the amount raised in the current round.
i2ifunding, connects verified borrowers looking for unsecured personal loans with lenders looking for high return investment options. “We have been growing rapidly since inception and today we do more loans in a month than what we used to do in a quarter about a month back. Founded in 2015, we have now more than 1200 registered users on platform. Our real strength lies in our strong credit underwriting process supported by our proprietary risk evaluation model. There has been no default on our platform till date”, added Neha Aggarwal who headsthe risk management division.
Company plans to utilize the fund towards technology expansion and also towards increasing its presence geographically. Manisha Bansal who heads strategy said, “We currently have investors from all across the country; however borrowers are limited to Delhi NCR, Mumbai and Bangalore. Our target is to expand to at least top 20 cities of India in next one year”.
P2P space in India has recently seen lot of interest after RBI came up with the concept paper on regulating the P2P lending market in India. “P2P lending in India is going to grow very rapidly in coming days and we are all geared up to establish ourselves as one of the top players in this space”, said Vaibhav.