PaisaDukan.com a P2P Lending marketplace solely owned by Mumbai based FinTech start-up BigWin Infotech, today announced a secured seed funding of USD 650K through Angel funding route. The fund will be used for marketplace platform and mobile app development.
BigWin Infotech is a government of India recognized ISO 9001:2015 & ISO 27001:2013 FinTech startup. PaisaDukan is a Techno Grad – CA Association and is a brainchild of two industry experts Mr. Rajiv M Ranjan, a leading FinTech professional and Mr. Ambar Kasliwal, a practicing CA.
Commenting on the development, Mr. Rajiv M Ranjan, Founder & CMD PaisaDukan said “The deal signifies our robust QMS and is our first milestone. Our mission is to provide a world-class platform for borrowers & lenders that will empower and set new standards bringing a comprehensive portfolio carrying unparalleled products to fasten our services. We are coming up with own proprietary credit risk management tool to cater all sections of society.”
“We have applied for NBFC P2P license in Dec’ 2017 and are awaiting an approval from RBI. Our platform will go live as soon as we receive the Certificate of Registration from RBI” added Mr. Ranjan.
P2P lending is one of the most innovative products of recent time; India has a huge potential and is poised to flourish in 2018. According to various market reports, India is poised to be a USD 4-trillion economy by 2022, of which USD 1-trillion would be digital economy. On a similar note, the Govt. of India emphasized on digital economy and announced various budget allocations to boost digital Indian economy in the union budget 2018.
“We are deeply inspired by ‘Digital India’. Our vision is very clear, we aim to serve India’s traditionally underserved populace, and our target audience consists of consumers who find it difficult to secure a timely loan from banks or any other financial institutions. Also, we are not limited to basic lending operations; we’re expanding our services into certain areas where financing institutions don’t foray into, we will be catering to tier 2, tier 3 and rural locations to bring investors and borrowers together” said Mr. Ambar Kasliwal, co-founder & director, PaisaDukan.com.
The NBFC sector in India has grown significantly during the last few years and has become an important segment in the financial sector contributing to almost 10 per cent of the total assets of the financial sector.
RBI issued a guideline to companies operating in peer to peer lending platforms and classified them as NBFC-P2P. This is the twelfth category of NBFC introduced by RBI with the last one being for microfinanced companies (i.e. NBFC-MFI)
BigWin Infotech is an ISO certified startup, duly recognized by the Department of Industrial Policy & Promotion (DIPP). The Company operates in P2P lending business through its solely owned marketplace PaisaDukan.com.
The company’s founder Rajiv was involved in some of the major path breaking projects as Cheque Truncation System (CTS), Real Time Gross Settlement System (RTGS), National Electronic Fund Transfer (NEFT) and Negotiated Dealing System (NDS). He has been an active participant in major initiative of institute of Development and Research in Banking Technology (IDRBT). Rajiv holds a degree in Computer Science Engineering and is an alumnus of IIMC.
Recent Activities in P2P Lending Segment
India’s online P2P lending market attained maturity in 2017, with various factors such as the Reserve Bank of India’s guidelines on the sector, the proliferation of digital transactions, the development of financial technologies, and the lack of access to credit contributing to its rise.
Last month, US-based digital payment company Wibmo Inc has bought Gurgaon-based mobile peer-to-peer (P2P) payment solution startup Mypoolin in a cash and stock deal valued above $1 million.
In December, Faircent, touted as India’s largest P2P lending company, raised Rs. 25 crore in a high-profile funding round led by Incofin Investment Management with participation from its existing investors.
In February 2017, SlicePay has acquired Trustio, a New Delhi based P2P lending company giving alumni-backed loans to students and recent graduates. Trustio was backed by Axilor Ventures and Zostel CEO Dharamveer Singh Chouhan.