Lending Platform RupeeCircle Raises Rs. 4 Crore From Mahindra Finance

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Lending Platform

There used to be a time when taking a loan was a very tough task. These days, a number of digital lending startups which have to the authority of lending from the highest governing bodies, i.e. Reserve Bank of India have come to the fore and have made life easier for the borrowers. There have been a number of firms in the digital lending space who are raising funds to boost their operations.

In the process, a Mumbai-based peer-to-peer lending firm RupeeCircle has secured a $588K (INR 4 Crore) in funding from Mahindra Finance, a non-banking financial company (NBFC).

RupeeCircleThe public listed firm in their regulatory filings has shown that with the investment, Mahindra Finance will own 13% stake in the lending firm. Notably, the firm has applied for the P2P license from the Reserve Bank of India which is needed for every firm in order to have the necessary requirements before the firm can start lending.

RupeeCircle was launched in January 2018 by Ajit Kumar, Abhishek Gandhi, Ashish Mehta and Piyush Saurabh which acts as a bridge between the borrowers and lenders. Reserve Bank of India recently gave a few directives to the p2p startups. According to the RBI, NBFC-P2Ps have to get a certificate of registration from them, should have a total of Rs 2 crore net owned funds with them and should act only as an intermediary to offer loans.

Faircent, Peerlend.in, Finzy, and Cashkumar are few of the lending platforms who have managed to get the required certificates from the RBI regulators. RupeeCircle might announce the same soon.

 

Image Courtesy : RupeeCircle,

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