Mumbai-based Bestdealfinance, an online ‘Financial SuperMart’ offering a wide range of loan products and end- to-end loan fulfillment for individuals and MSMEs has raised $3 Mn in Series A round of funding led by Kalaari Capital with participation from YourNest Angel Fund, Globvestor and Dexter Angel Circle.
Founded in February 2015 by banking veteran, Manavjeet Singh and Sandeep Nambiar, Bestdealfinance.com is a fintech startup with a cutting edge online platform that allows customers to obtain the best deal by providing a well-informed purchasing decision across financial products & services such as home loans, auto loans, business loans, loans against property, credit cards, healthcare and construction equipment financing.
The organization’s unique business model of ‘Customer Convenience’ offers its customers with the ease and convenience to avail products and services on a single platform. Its robust state-of-the-art technical system is designed in a way that provides thorough comparison and an end-to-end services within a single click.
With the company’s focus on MSME segment, Manavjeet Singh said, “Bestdealfinance expects to get a majority of its revenues from SME loans, which will be the focus area. We have helped disburse INR 150 Cr. in loans till now and plan to reach INR 1,000 Cr. in the next six months.”
It has customer base of over 9400 registered users and has tie ups with about 40 banks with over 96 products listed.
The company currently has its presence in Mumbai, Delhi, Kolkata and Pune and is further planning to expand its footprint in Bangalore, Chennai & Hyderabad.
The raised capital will enable the company to further accelerate growth and invest in its technology infrastructure, people and customer support. “Banking market has been changing a lot over the last two years, so we plan to use technology and blend it with our sector expertise to help customers get loans,” said Manavjeet Singh.
In this segment, earlier in April, Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, the company that runs and operates online insurance aggregator, PolicyBazaar had raised $40 Mn funding in its Series D round from PremjiInvest.
While, in March this year, ecommerce marketplace, Snapdeal, acquired a majority stake in the loans and the credit provider startup RupeePower to offer its customers a wide range of financial services like personal loans, educational loans, credit cards, auto loans, home loans and extended warranties, etc.
Also, Delhi-based loan distributor company Andromeda has acquired Mumbai-based online loan provider Apnapaisa for an undisclosed amount in a stock cum cash deal.
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