Gurugram-based B2C online loans marketplace MyLoanCare has secured $977.7K (INR 6.5 Cr) equity Series A funding from Ncubate Capital Partners, a private investment arm of SAR Group family office.
The startup plans to use the funding for branding, technology augmentation and growth. MyLoancare also plans to enter new segments of the market including cards, savings and investments.
Commenting on the fundraise, Gaurav Gupta, Co-founder and CEO, MyLoanCare said, “We are excited to have onboard Ncubate (SAR Group) as an investor given the vast experience in building successful customer-focused businesses.This investment will see MyLoanCare emerge as the most trustworthy brand in financial intermediation.”
The startup claimed in a statement that a fresh loan query is generated every 30 seconds and the startup has 22 lending partners and a reach across 1,200 locations in the country.
It has tied up with leading banks and finance companies in India to offer retail borrowers a convenient digital platform to compare, select and apply online loans such as personal loan, home loan, gold loan, business loan, loan against property and auto loan with ease and transparency.