Bangalore based microlending and fundraising platform Milaap has raised USD 1.1 million from Jungle Ventures, reports TechinAsia.
Milaap had previously raised USD 250,000 in seed funding from Unitus Seed Fund, First Light Ventures, Vijay Shekhar Sharma (CEO – One97), and Rajiv Madhok.
The raised funds will be used by the company to further develop its platform, and also for investing in marketing and enabling more payment options.
Milaap works with grass root organizations in India to highlights the specific individual in the areas. The needs are listed on its online fundraising platform, where people or interest groups can reach these under-privileged groups and provide them loans. The platform even assures that 100% of the amount will reach these people.
It also provides lender with an opportunity to track the progress of the loan from the point it is provided and till the time he receives the money back.
“Milaap is tapping on the long tail of the internet and disrupting how people – either individually or through their activated social networks – can raise and provide capital to the millions who are unbanked,” says Sourabh Sharma, CEO and co-founder, Milaap.
Anyone around the world can fund the projects listed online. But for now funds are only deployed in India. Milaap has plans to expand to at least one more country in Southeast Asia in the next 12 months, which will depends on finding the right on-ground organizations with which it can work.
Until now, Milaap has impacted 25,000 lives, raising over $800,000 for the various causes, including providing seed capital for small businesses, cleaner water and sanitation efforts, & also better education across ten states in India as per the data on their site.