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.
On its website, the startup claims that MyLoanCare is a team of techno-financial experts that aspire to bring transparency, simplicity and convenience to borrowers in India using technology in innovative ways.
“Our mission is to: offer professional advice to borrowers in India, protect the interest of borrowers, help borrowers make informed choices when comparing loans, negotiate best deals for home loans, balance transfer, loan against property, personal loans and business loans.”
Booming Fintech Space In India
Alternative lending is a growing space in the country. Players like Lendingkart, FlexiLoans, KredX, Capital Float, Rupeelend, Myloanbuddy and MoneyinMinutes, amongst others are already making their mark in this space.
Most recently, Kalaari Capital-backed online lending marketplace Rubique raised fresh funding led by Japan’s Recruit Group and Russian venture capital management company Emery Capital.
Prior to this, SAIF Partners and Sequoia India-backed online lending platform Capital Float raised $22 Mn in a follow-on Series C funding round from Amazon Inc.
Overall, as per Inc42 DataLabs Indian Startup Funding report 2017, the Indian fintech industry has received $3.01 Bn across 111 deals in 2017. And the sector continued to lead its growth, as according to the Indian Tech Startup Funding Q1 2018 report, fintech as a sector witnessed the highest funding.
With a huge scalability potential, MyLoanCare has gotthe support of SAR Group to expand its horizon of services and portfolio.