Economic Times | September 22, 2015
MUMBAI: Bestdealfinance, which focuses on loans for retail customers and small and medium enterprises, has raised over Rs 20 crore from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Capital, said a top executive.
The funding, which the company said will be used to beef up its technology and team, reflects the growing interest of VC funds and strategic investors in the broader financial technology space in India, especially in different techenabled lending businesses. “Banking market has been changing a lot over the last two years, so we plan to use technology and blend it with our sector expertise to help customers get loans,” said Manavjeet Singh, the banking industry veteran who set up Bestdealfinance in 2014.
Since launching operations in March this year, Bestdealfinance has already received over 6,000 applications for loan.
Singh, who was earlier senior president and head of retail banking at Yes Bank, said Bestdealfinance expects to get a majority of its revenues from SME loans, which will be the focus area. “We have helped disburse Rs 150 crore in loans till now and plan to reach Rs 1,000 crore in the next six months,” he said. The portal, which has tieups with about 40 banks, lists over 96 products.