Digital lending firm LoanTap on Monday raised around Rs 82 crore in series-B funding round, led by Avaana Capital, to enhance its loan portfolio.
“LoanTap has raised USD 12 million (around Rs 82 crore) in Series-B led by Avaana Capital. The current round also saw participation from existing investors, 3one4 Capital, India Quotient, Shunwei Capital and Kae Capital,” LoanTap said in a statement.
So far, LOanTap has raised a total of about $21 million in funding over four rounds including the latest one. In January, the startup raised over $8 million in a funding round led by 3one4 Capital, an early-stage venture capital fund based out of Bangalore.
It offers customized personal loans such as rental deposit loan and holiday loan to white-collared salaried professionals.
“LoanTap has created a strong technology backbone which offers a superior customer experience. We tripled our loan book last year and the current round of funding will further fuel this growth,” LoanTap Chief Executive Officer and co-founder Satyam Kumar said.
he firm claims to have turned profitable within two years of operations.
With this round of funding, LoanTap has raised a total of USD 25 million till date. It raised USD 8 million in January 2019, a round led by 3one4 Capital.