Consumer lending platform MoneyTap on Tuesday said it has raised Rs 500 crore in a funding round led by global funds like Aquiline Technology Growth and RTP Global.
The series-B funding round was a mix of equity and debt and saw participation from existing investors like Sequoia India, Prime Venture Partners and MegaDelta, MoneyTap said in a release.
The funding will aid in creating a loan book of Rs 5,000 crore over the next 12-18 months, it said.
Debt capital was secured from players like Vivriti Capital, Credit Saison and others in the form of co-lending and credit lines. The company had previously raised a total of USD 12.3 million.
MoneyTap will use the funds to accelerate its growth trajectory, invest further in technology, data science, and launch its NBFC operations, it said.
The company further said there are plans to significantly expand its geographical footprint from 60 to 200 Indian cities, bringing its unique credit line value proposition to the masses.
“We will use this funding to scale our business, innovate with data-backed lending models and continue to hire aggressively. We will also use the funds to expand our credit offerings via our own NBFC,” MoneyTap Co-founder Anuj Kacker said.
MoneyTap was commercially launched in September 2016 by Bala Parthasarathy, Anuj Kacker and Kunal Varma. PTI KPM