Broke? You Can Borrow Money From These Online Lenders – Broke? You can borrow money from these online lenders

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Broke? You can borrow money from these online lenders

Rahul Sachitanand, ET Office

A new generation of online lenders must prove that their businesses are more than a flash-in-the-pan online.

Here are the key players who want to make it big

Adhil Shetty, Bank Bazaar

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Adhil Shetty, Bank Bazaar

Created: November 2007.

Focus: Online financial services platform.

Progress: 9 million visitors to the platform in March 2016, 75 financial service providers referenced.

Projects: Reach 50 million visitors in two years, expand to all of Asia.

“We want to build a completely paperless lending platform and revolutionize the way consumer loans are granted,” Shetty said.

Harshvardhan Lunia, Lendingkart

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Harshvardhan Lunia, Lendingkart

Created: April 2014

Focus: Online loan granting platform

Progress: nearly 225 crores in loans in 135 cities, covering 3,000 SMEs

Plans: Reach 350 cities in next 12 months, reach banking spectrum covered by banks and NBFCs.

“Many ways to assess the creditworthiness of potential customers are not used by mainstream financial services firms,” ​​Lunia added.

Manavjeet Singh, Rubic

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Manavjeet Singh, Rubic

Created: October 2014.

Focus: Online marketplace for financial products.

Progress: Registered with 60 financial institutions and offers 100 products online

Plans: To enroll over 100 financial institutions and have over 250 products online by the end of the year.

“We believe that for every borrower, there is a lender somewhere and technology will help match them better,” they said.

Sashank Rishyasringa, Gaurav Hinduja, Capital Float

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Sashank Rishyasringa, Gaurav Hinduja, Capital Float

Created: November 2013

Focus: Online lending platform for SMEs.

Progress: disbursed Rs 500,000,000 in two years.

Plans: Rs 2,000 crore for this financial year, with 20,000 customers.

“We seek to revolutionize an unmet need partially met by high cost money lenders and voucher funds,” said Gaurav Hinduja.

Aadit Devanand, Varun Agarwal, Abhinandan Balasubramanian, Altflo

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Aadit Devanand, Varun Agarwal, Abhinandan Balasubramanian, Altflo

Created: December 2015

Focus: Marketplace for alternative asset and investment management

Progress: Signed with four of the world’s largest VCs covering data from their 200 portfolio companies

Plans: Wants to expand a wider set of financial institutions ranging from banks to angel investors.

“In the next two or three years, we want our platform to be used by the entire financial services ecosystem,” the trio added.

Manish Kumar, Puneet Agarwal, Anurag Jain, KredX

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Manish Kumar, Puneet Agarwal, Anurag Jain, KredX

Created: June 2015

Focus: Invoice discounting platform

Progress: discounts on more than 1,000 invoices

Plans: expects to maintain 30% month-over-month growth.

“We are focused on building a sustainable online platform and we are not looking for unrealistic growth rates of over 100%,” they added.

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