Soon within a day after e-commerce giant Amazon launched its website and app in Hindi language, PaisaDukan, a Mumbai-headquartered P2P Lending platform today announced launch of its web portal in Hindi and becomes the first major P2P lending operator to offer loan & investment services in Hindi. The new feature is in-line with company’s ambitions plan of becoming country’s largest P2P lending platform. The move is an attempt to make deeper inroads into the Indian market that is more comfortable in Hindi. Company is also exploring to extend its reach to more vernacular space to target customers beyond the metropolitans in India.
Speaking on the launch occasion, Rajiv M Ranjan, Founder & CMD, said “with over 460 million internet users, India is second largest market, behind China and expected to have around 600 million by 2022. Needless to say vernacular languages will play a crucial role in bringing next 150 million users online. The Hindi feature will connect PaisaDukan to users from smaller cities of North & central region and will help millions of customers who prefer Hindi.”.
Users can choose the Hindi option at home page of PaisaDukan.com website, which will be later set as default. The Hindi version will have the same features as available on English website. User will not be able to read detailed product information in Hindi but will be able to do registration, filling application, manage their account information, track their loan applications etc. in Hindi as well.
“Our philosophy is to align our platform with vision of financial inclusion to serve the unserved. Many people in such category find themselves comfortable with their native language and are not so conversant on platform in English language. The move is part of our PAN India expansion plan and we want to bring every citizen to financial system” concluded Mr. Ranjan.
In April this year, the startup had raised US$650K in seed funding followed by second round of seed funding amounting $2,25,000 through angel investment, in the following month, which took company to the total Seed investment of $875,000 till date.
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.