09 December 2016, India :
Rupaiya Exchange, a player in the growing peer to peer lending market, has raised $200,000 as an angel funding from a group of HNIs and professionals.
Rohan Hazrati, Founder of Rupaiya Exchange said, “We wanted to partner with investors who shared our vision in making a difference to how credit is disseminated in the Country. We are very happy to have found the right set of individuals.”
While the Company did not declare the valuation figures, as per the management team, the funds raised shall be used to further enhance technology and increasing team strength.
Hazrati added, “Peer to peer lending has seen phenomenal growth in the West and over past couple of years. However, simple replication of the practices of the West is not possible; the Indian mindset, especially when it comes to money is very different. We have formulated our processes and constantly work with our customers to cater to this uniqueness.”
Rupaiya Exchange was founded in November 2015 and has seen loan applications in excess of Rs. 70 Crore till date and facilitated disbursement of more than Rs. 9 Crore. The platform works on a pan-India basis and has disbursed loan across India, with Southern and Northern part of the Country contributing the bulk of disbursals.