Noida-based i2iFunding, a RBI registered peer-to-peer lending platform, has raised a funding worth Rs 1.75 crore from SucSEED Venture Partners.
In March 2018, SucSeed infused around Rs 1.2 crore in the startup when it secured Rs 4.75 crore from multiple investors. Till date, the company has received Rs 8.5 crore in total capital.
Vaibhav Kumar Pandey, Co-founder of i2iFunding, said,
“From January 2018, when SucSEED had previously invested, i2iFunding has grown more than 8x. This round of funding led by SucSEED will help us to leap forward and cement our position as the leader in peer-to-peer lending space. We expect to achieve 5x growth over the next year and also become profitable on the back of our strong unit economics.”
It is also in discussions with marquee investors in fintech space to raise Series A funds.
Vikrant Varshney, Co-founder & Managing Partner of SucSEED, said,
“With Investments in Paymatrix, Insense, Stockal and i2iFunding, we have penetration in payments, card analytics, wealth management and P2P lending space in fintech sector. This gives us a unique opportunity to help faster collaborations amongst all the fintech startups to create a unique value proposition for the financial sector.”
Founded in 2015 by Abhinav Johary, Manisha Bansal, Neha Aggarwal, Raghavendra Pratap Singh and Vaibhav Kumar Pandey, i2iFunding verifies and matches borrowers looking for unsecured loans with interested lenders.
The non-banking financial company (NBFC) provides upto Rs 10 lakh of unsecured loans for both personal usage and business expansion purposes. These loans are funded by retail lenders registered on its platform.
i2iFunding has disbursed loans of value more than Rs 36 crore in 2018 and has crossed monthly disbursal of Rs 4 crore this year.
As per a PWC report, estimated potential of P2P market in Indian is around $4-5 billion over the next 5 years. Some of the Indian players in the market include Faircent, LenDenClub, Monexo, IndiaMoneyMart, Cashkumar, PaisaDukan, RupeeCircle, PeerLand, Finzy, and LoanBaba among others.
Meanwhile, fintech major Paytm is reportedly all set to join hands with Gurugram-based SME lending platform Clix Capital to start its peer-to-peer lending business in India.