13 May 2019, India:
P2P lending startup RupeeCircle announced the opening of its new office in Chennai, Tamil Nadu. The office, located at General Muthia Street in Sowcarpet, will be the foothold of RupeeCircle in South India and will give a boost to its financial inclusion initiative in the region.
The company plans to further financially include the unbanked and underbanked masses by making credit accessible with ease. The branch will employ around 10 employees initially and focus largely on digital loan processing and collections.
The core operations of the organization (including products, services and support) will continue to be driven by its Mumbai team, the company said in a statement.
“We are excited at the official opening of our new office in Chennai, which was chosen as a strategic location due to two reasons. Firstly, it is the hub of auto ancillary industries which will help us reach out to the blue-collared salaried workers who are still under-banked or may not have access to credit from traditional banks due to lack of traditional credit footprints,” said Ajit Kumar, Founder & CEO, RupeeCircle.
Ajit Kumar, added, “Secondly, a lot of our lenders are from Chennai which will give us an operational advantage. Our research also suggests that the default ratio in South India is comparatively less.”
Ajit Kumar further added, “We will be promoting all our existing products in the Chennai marketplace and will be entering into tie-ups with companies to provide salary advances and short term loans. And we expect around 20% of our annual disbursements from southern region. We have always envisioned a pan India presence and our latest office is just the beginning of our expansion strategy.”
(Image – RupeeCircle)