Mumbai-based LoanTap, an online platform that offers flexible loan products to salaried professionals, has raised over $8 million in a funding round led by 3one4 Capital, an early-stage venture capital fund based out of Bangalore, reported Financial Express.
The funds raised is a combination of equity and debt instruments, between October to December 2018. Existing investors including Shunwei Capital, Kae Capital, India Quotient, Tuscan Venture and angel investor Ashish Goenka also participated in the round.
LoanTap was started in 2016 by Satyam Kumar and Vikas Kumar, LoanTap claimed to have turned profitable within the first five quarters of operation even as its loan book is growing at 12% monthly.
To date, the startup has raised a total of about $21 million in funding over four rounds including the latest one. In August 2016, the startup had raised $3 Mn in a Series A investment round led by Mumbai-based HNIs including Abhishek Pandey and Jaysukh Sapra.
LoanTap competes with likes of Capital Float, Lendingkart, and InCred.
“3one4 Capital brings in a unique blend of expertise in core tech investing and a deep sectoral understanding along with an immense network that includes its marquee LPs,” said LoanTap CEO Satyam Kumar.
“By giving their customers more choice, better information, reduced complexity, and allowing for personalization, the LoanTap team has demonstrated a true understanding of the elements that go into building an institutional presence in their space,” said Pranav Pai, Founding Partner of 3one4 Capital.
3one4 Capital, which also counts P2P lending firm Faircent as its investee startup, has invested in startups like investments include Tracxn, Licious, DarwinBox, BetterPlace, Tonetag, Tripoto and Bugworks.
In October, Delhi based instant lending startup RevFin had raised an undisclosed amount of seed funding from a group of angel investors including Harash Jain (CEO, Litejoy International, and UK based businessperson), Anil K Goyal (Founder, Anil K Goyal, and Associates), Anil Lanba (Senior Technology Executive, EVP Pyramid Consulting) and Krishan B Singh (Investor based in New York).
In the same month, Bangalore-based NIRA, a consumer finance fintech venture focused on financial inclusion, had raised $1 million seed funding from angel investors in the UK and India.
Prior to this, Mumbai headquartered micro-lending platform Upwards raised $5 million in series A financing round led by China’s ShunWei Capital.
[Top Image – LoanTap Team | Credit – YourStory.com]