Mahindra Finance Invests INR 40 Million In RupeeCircle
We are thankful to Mahindra Finance, one of the leading Non-Banking Finance Company in India to provide seed funding of INR 40 million.
Starting off in 2018, we consider this as a major milestone to drive our vision towards “making borrowing better & lending smarter” with our Peer-to-Peer (P2P) finance platform. Within the last 6 months, we have been able to enrol 2000+ borrowers, 200+ investors & 100+ channels partners on our platform. Our team strength has registered tenfold growth increasing from 5 to 50+ within a short duration.
Commenting on the investment, Ajit Kumar, Founder & CEO, RupeeCircle, said – “Our Peer-to-Peer (P2P) lending platform leverages data science, advance machine learning algorithm & cloud infrastructure to provide risk grades for borrower profiles and ensure accurate credit underwriting. We have been able to deliver 24% average annual returns on investments to our lenders while keeping the default rates below 1%. With this funding we plan to expand our team, improve our security infrastructure, optimize our credit underwriting algorithm & scale our capabilities to reach one million individuals by 2025. We are honoured that Mahindra Finance team has shown faith in our vision of driving the financial inclusion in India”
For more information, please check: https://bit.ly/2FmP11K