Bestdealfinance.com announced that it has raised USD 3 million in series A funding. The funding round was led by Kalaari Capital with participation from YourNest Angel Fund, Globvestor & Dexter Angel Circle. Bestdealfinance is India’s first-ever financial services portal that provides a technology enabled end-to-end solution that addresses loan needs of individuals and MSMEs. This funding will enable bestdealfinance.com to further accelerate growth and invest in world-class technology infrastructure, people, and customer support.
Founded by ex-Yes Bank executive Manavjeet Singh along wit Sandeep Nambiar, bestdealfinance.com was launched in February 2015. It offers a wide range of loan products and end-to-end loan fulfillment for individuals and MSMEs. In less than one year’s time, the company has disbursed over 150 crore worth of loans, empanelled 1000+ business associates and has customer base of over 9400 registered users.
Commenting on the capital infusion, Manavjeet Singh, CEO – bestdealfinance.com said, “Our business model is disbursement focused. In current market scenario, the customer is confused due to multiple touch points and hassled by a lengthy loan approval and disbursement process. We make the entire journey simple with our matchmaking algorithm helping customers to choose the best deal for their requirements and our integration with bank systems enabling a fast and hassle free loan process. It’s a win-win for customers as well as lenders. For customer, it is the best deal at quickest possible time and for lenders, it is an apt customer profile at lowest cost of acquisition. We are delighted with the trust that the Kalaari team has shown in our vision and we look forward to partnering with them to build a large and successful company”
“The consumer and small business loan process remains very inefficient in India. While online loan comparison sites are helpful, they fail to address the core inefficiency around the loan fulfillment – the complexity and time taken to assess, approve, and disburse the loan. Bestdealfinance.com has a differentiated, technology-centric solution to this problem that adds value to both banks and consumers alike. We feel the company has the business model and execution capability to redefine this space”, said Bala Srinivasa, Partner, Kalaari Capital.