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Gurgaon-based RedCarpet Raises $2.5mn Funding from Lightspeed Venture Partners

Chinmay Bidkar by Chinmay Bidkar
March 1, 2017
in News
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Gurgaon-based RedCarpet Raises $2.5mn Funding from Lightspeed Venture Partners
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01 March 2017, India:

Gurgaon-based RedCarpet announced that the firm has raised $2.5 million in a fresh round of funding led by Lightspeed Venture Partners.

The fresh funds will be utilized to upgrade the technology behind risk evaluation, introduce new student-lending features, hire data scientists and deepen market penetration.

“At one point, the team was contemplating alternative forms of lending that are less risky, but for now they have decided to stick to student microlending since the market potential is huge and a winner is yet to emerge,” an employee stated to ET.

Also read- MORGAN STANLEY MARKS DOWN FLIPKART FOR FIFTH CONSECUTIVE TIME!

RedCarpet lends to customers in India to finance their online purchases – e-commerce, travel, etc. In India, credit and finance companies are able to service less than 3% of the customer base because there is no data, no widespread credit bureaus to profile and score customers. RedCarpet has access to much more data, including data on your mobile phone. The company uses this data to service customers who never had any access to credit before.

Also read- UBER CEO KALANICK ASKS VP OF ENGINEERING AMIT SINGHAL TO QUIT
Tags: fundingInvestmentLightspeed Venture PartnersRedCarpet
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Chinmay Bidkar

Chinmay Bidkar

Curious, Keen Observant & Dynamic! Chinmay finds peace in meeting people who work hard for humanity. He has new found interest in Gadgets and Techs and at Techstory he gets to write about it! Reach out at- chinmay@techstory.in

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