Founded in August 2015 by Sanket Hasabnis and Satchit Hasabnis, Mumbai-based online marketplace for Loans, LoanBaba.com has raised $320,000 in a angel round of funding. The raised funding will be used for technology enhancement and marketing.
The startup guides users regarding loans such as Home Loan, Personal Loan, Unsecured Business Loan and Loan Against Property after checking the details of their income and amount of loan required. It also helps them to compare the rates from its partner Banks/NBFCs as well as make selection of Banks/NBFCs as per user’s criteria.
It competes with players such as LoanCircle and Indialends among others. In September, Loancircle.in raised an undisclosed amount in angel funding from Toppr.com co-founder Zishaan Hayath, Trifecta Capital MD Rahul Khanna and other investors. In October, IndiaLends closed a $ 1million bridge round of investment in a deal led by existing investors – DSG Consumer Partners, Siddharth Parekh, and Gautham Radhakrishnan among others. And in the same month, p2p lending platform Faircent also raised an undisclosed amount of funding from TV Mohandas Pai, the chairman of Manipal Global Education, through Aarin Capital Partners.
As per Ken research, India Online Loans Market is expected to reach around $140 million (Rs.9 billion) in terms of revenue by 2019. The growth in the industry is expected to be led by the increasing internet penetration, rising living standards and personal disposable income of the Indian population.