Mumbai-based SwitchMe has raised an undisclosed amount of funding from a group of investors including Mohandas Pai, Hiro Mashita and Singapore Angel Network. This round was an extension of an earlier round led by 500 Startups, with participation from Rajan Anandan and Ajay Sarupria. The raised funding will be used for strengthening the technology and for extending the service to more cities.
Founded in 2012 by Aditya Mishra and Sourasis Roy, SwitchME services are currently available in Mumbai, Pune, Bengaluru, and Delhi. The startup helps customers switch their home loan to a lower rate of interest from the comfort of their home. A switch to lower rate can save lakhs of rupees but many customers struggle to achieve it because of paperwork and the leg work involved. SwitchMe makes this easy through a combination of its technology and on the ground execution. Its technology finds the better match of lender for the customers as per multiple parameters.
The company claims that customers have saved over Rs 300 crore with SwitchMe. This is across several banks leveraging SwitchMes relationships across the board with both public and private sector lenders.
Aditya worked at TCS in various business roles for a decade before starting SwitchMe. Co-founder Sourasis Roy cut his teeth building a data mining startup before joining up forces. Aditya is an alumnus of IIM Bangalore while Sourasis has a degree in maths and another in Computer science from the Chennai Mathematical Institute.
The startup claims that the customers can save almost 10-30% of their loan amount. For example, Rahul had a home loan from ICICI Bank at 11.5% interest rate. SwitchMe transferred his loan to SBI at an interest rate of 9.55%.