Pune-based fintech startup LoanTap has secured Rs 74 crore (roughly $8.6 million) in Pre-Collection C funding by means of a mixture of fairness and debt. The corporate raised Rs 54 crore (round $6.3 million) in fairness funding, led by July Ventures, with extra backing from present traders resembling 3one4 Capital, Avaana Capital, Kae Capital, and Swapurna Household Workplace.
As well as, LoanTap secured Rs 20 crore in enterprise debt to scale up its provide chain financing options geared toward supporting small retailers.
Based in 2016 by Satyam Kumar and the late Vikas Kumar, LoanTap launched as a web-based lending platform providing private, enterprise, and special-purpose loans. Its proprietary credit score evaluation software, BICRI (Enterprise Indicator for Credit score Rankings in India), helps bridge credit score gaps in underserved markets.
Final month, the corporate confronted a significant loss as its cofounder and CTO, Vikas Kumar, tragically handed away in an accident.
Previous to this spherical, LoanTap had raised about $36 million from traders, together with India Quotient, Shunwei Capital, and Tuscan Ventures. In 2023, it additionally acquired Unofin, a healthcare-focused fintech startup, to supply reasonably priced financing for medical wants.
“India’s MSME sector is present process a large transformation, and we plan to leverage this momentum by doubling down on bill financing, which we imagine is a key development enabler for MSMEs throughout the nation,” mentioned Satyam Kumar.
LoanTap’s funding comes as fintech startups ramp up efforts to reinforce their lending options and increase their market presence.
The fintech sector has led startup funding exercise in 2024, clocking over 162 offers value $2.5 billion. The Indian fintech market is projected to achieve $2.1 trillion by 2030, rising at a CAGR of 18%.
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