LoanTap has raised INR 24 Cr ($2.9 Mn) in this debt funding round
Investment firm Lighthouse Canton’s share in this funding round stands at INR 15 Cr
Pune-based LoanTap offers customised personal loan products
Lendingtech startup LoanTap has raised INR 24 Cr ($2.9 Mn) in a debt funding round led by Singapore-based global investment platform Lighthouse Canton. The investment firm’s share in this round stands at INR 15 Cr.
The startup wants to use the fresh funding to scale its digital lending services on the LoanTap LTFLoW platform with its in-house NBFCs and co-lending partners.
Founded in 2016 by Satyam Kumar and Vikas Kumar, Pune-based LoanTap offers customised personal loan products. It has its in-house RBI registered NBFC.
“It’s our pleasure to have Lighthouse Canton on board in our growth journey, and excited for the passion resonated by Ankit Agrawal and Sanket Sinha in the potential of LTFLoW platform in delivering the digital credit solutions in India,” Satyam Kumar, cofounder and CEO at LoanTap, said.
According to Ankit Agrawal, director of Lighthouse Canton, solutions offered by LoanTap’s LTFLoW platform have been helping MSMEs and retail customers to avail loans.
“The platform is gradually modernising lending processes and we are looking forward to supporting the company’s growth objectives through our venture debt strategy,” Agarwal said.
At the beginning of this year, Lighthouse Canton marked the first close of its INR 550 Cr India-focused venture debt fund. The fund, which is a Securities and Exchange Board of India (SEBI)-registered Category-II alternative investment fund (AIF), had raised INR 155.4 Cr as part of the first close.
According to an Inc42 report, the country’s fintech industry is anticipated to cross the $1.3 Tn mark by 2025, growing at a 31% CAGR by 2025. Of this, lending tech is a sub-sector that will capture 47% or $616 Bn by 2025.
Over the past few months, PayVEDA, Progcap, Zype, Kredmint are some of the lending tech startups that raised money. Overall, fintech startups raised $4.5 Bn in 2022, according to Inc42 data.