Exclusive: SME Lender Ziploan Bags $2.6 Mn From WaterBridge, Others

New Delhi-based digital lending startup Ziploan has raised about INR 20 Cr ($2.6 Mn) funding from WaterBridge Ventures through its trust Vistra ITCL (India). Existing investors Elevation Capital, Whiteboard Capital and Matrix Partners India also participated in this round.

According to the ministry of corporate affairs filings accessed by Inc42, the company has agreed to issue and allot 20,873 Series B1 cumulative compulsorily convertible preference shares (CCPS) having a face value of INR 150 each at a premium of INR 9,431.63 per share to the above-mentioned investors.

• Elevation Capital VI and Matrix Partners India have picked up 8871 Series B shares each at INR 8.5 Cr
• Vistra ITCL has picked up 2609 shares at INR 2.49 Cr
• Whiteboard capital has picked up  522 shares for INR 50 Lakh

Ziploan has raised about $20 Mn funding till date, according to data aggregation platform Crunchbase. In February 2019, the company raised INR 90 Cr ($12.6 Mn) in its Series B round led by SAIF Partners along with existing investors. The latest fundraise is a part of the same round.

The company, last year, specified that it plans to use the capital for developing its business and expanding its offerings in the cities where it is already present. Currently, Ziploan services are available in Delhi NCR, Mumbai, Indore, Lucknow, Dehradun and Jaipur. The funds will also be used to ramp up its tech and sales team.

Founded in 2015 by Kshitij Puri and Shalabh Singhal, Ziploan provides collateral-free short term loans to medium and small and medium enterprises (MSMEs). The loan amount provided by the startup ranges from INR 1 Lakh to INR 5 Lakh for a time period of 6-24 months. The New Delhi-based company has partnered with IDFC First Bank, IndusInd Bank, Northern Arc, MAS Finance and Caspian Finance to offer loans.

The development comes a week after SME lender Moneyboxx Finance raised INR 10 Cr ($1.3 Mn) in debt funding from BlackSoil Capital, Caspian Impact Investments and Ashv Finance. Moneyboxx, too, offers unsecured loans to MSMEs and small businesses that are underserved by the organised sector. It offers loans with the average ticket size between INR 50K and INR 3 Lakh, for a tenure of 12-36 months.

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