Noida-based RNVP Technology Pvt. Ltd, which operates the online peer-to-peer (P2P) lending marketplace i2ifunding has raised Rs 2 crore (around $300,000) in angel funding from a group of angel investors.
The investment comes in the wake of the freshly released Reserve Bank of India consultation paper that suggests that peer-to-peer lending platforms need to have equity capital to start operations. The funds will be used for towards technology expansion and also towards increasing its presence geographically.
“This round of funding gets us to a comfortable position in terms of the capital requirement that has been set out by the RBI,” said chief executive Vaibhav Pandey.
This investment could not have come at a better time as RBI (Reserve Bank of India) has talked about Rs.2 crore 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,” said Pandey.
i2ifunding which was founded in 2015 by Pandey and Manish Bansal is an online marketplace that connects verified borrowers looking for unsecured personal loans with lenders looking for high-return investment options. It mainly focuses on salaried borrowers. The firm claims to have more than 1200 registered users on the platform.
The company, which currently has operations in the NCR, Mumbai and Bengaluru, plans to expand to 20 cities over the next year. It is aiming also to increase lending activities from just personal loans to salaried individuals at present to business loans for micro, small and even medium enterprises.
The company has so far received 1,200 registrations, with 200 of these as investors who have made investment commitments of 1.5-2 crore. The platform has so far facilitated the disbursal of 50 lakh in loans at an average interest rate of 18-23 per cent.