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PaisaDukan secures undisclosed 2nd round of funding
Business

PaisaDukan secures undisclosed 2nd round of funding

Agency News

Mumbai, Jul 27 : A Peer-to-Peer lending platform PaisaDukan.com, owned by Mumbai based NBFC-P2P Company, BigWin Infotech Private Limited, has announced the second round of funding from JITO Incubation & Innovation Foundation (JIIF) to complete a total raise of USD 1.3 Mn since inception in November 2017. Peer-to-peer lending is the practice of lending money to individuals or businesses through online services that match lenders with borrowers.The present round of funding is led by two of the industry stalwarts--Manoj Mehta, a marquee angel investor of JITO Angel Network and CEO, MTC Group, a renowned name in the global recycling and metal industry along with Sunil Singhvi, who is a textile business magnate and a renowned Angel Investor in several Startups.

Commenting on the recent funding, Rajiv M Ranjan, Founder & CMD of PaisaDukan said “Infusion of additional funding from JIIF has showcased investors’ confidence on our business strategy and moreover, on our initiative to make credit accessible to the remote and credit deficient part of the country, empower women and enable deeper financial inclusion. "This round of funding has come across after a successful pilot project by virtue of PaisaDukan’s Rural Lending initiative in India.

The current round of funding will boost the company’s morale to support financing in rural India through P2P lending and will help in hiring experienced key resources to support company’s rural expansion. In the last five months of rural operations, the company has managed with Zero Defaults and Zero Days delay in EMI receivables," added Mr. Ranjan in a statement Friday.UNI