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Pune-based iServe Financial has raised an undisclosed amount in seed funding from a group of investors including Nilesh Shah, CEO of Kotak Mutual Fund.
Established in 2014, iServe runs an online and offline customised financial services & solutions business. It was founded by Dipak Samanta, Rahul Bhaik, Krishna Iyer, and Sasanka Panda.
Its core goal is to serve the financial needs of consumers across retail loan, investment, and protection solutions.
The startup plans to use the funds to further improve its online platform’s reach and penetration to take on its rivals such as BankBazaar and PaisaBazaar.
Dipak Samanta, co-founder & CEO of iServe, said that the there is a gap in the market between traditional offline players like Andromeda and new online players like BankBazaar. This leaves the consumers scrambling between information search online and fulfilment offline. iServe is build to bridge this gap.
Over the past few quarters iServe claims to have serviced over 5000 customers and helped them raise over $200 Mn in mortgage, personal loans and business loans from over 30 leading banks and NBFCs across India. The startup has offline presence with over 25 offices pan India and over 250 associates.
Nilesh added that financial advice and solutions is a huge market ripe for digitization, disruption and consolidation. As more and more consumers turn affluent, they are looking for savvy, new-age wealth partners that can help serve their needs across their assets, liabilities and protection needs. He said, “iServe team brings a great blend of financial and technology knowledge, expertise, aggression, and seamless execution to the marketplace.”
The domestic mortgage market is pegged to be at $600 Bn while the domestic insurance market is estimated at about $70 Bn. Recently, IIFL secured investment from General Atlantic Partners while BankBazaar secured $60 Mn from Amazon.
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