Failed to connect to MySQL: Too many connections Rupaiya Exchange raises $200,000 in funding - Moneycontrol.com

Rupaiya Exchange raises $200,000 in funding

The company, which began its operations in November last year, has developed proprietary technology to assess users registered on its platform and perform credit checks on the borrowers.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Nov 30, 2016, 08.41 PM | Source: PTI

Rupaiya Exchange raises $200,000 in funding

The company, which began its operations in November last year, has developed proprietary technology to assess users registered on its platform and perform credit checks on the borrowers.

Like this story, share it with millions of investors on M3

Rupaiya Exchange raises $200,000 in funding

The company, which began its operations in November last year, has developed proprietary technology to assess users registered on its platform and perform credit checks on the borrowers.

Post Your Comments

Share Cancel

| 1 Comments
Rupaiya Exchange raises $200,000 in funding
Rupaiya Exchange, a peer-to-peer (P2P) lending aggregator, has raised USD 200,000 (about Rs 1.36 crore) in angel funding from a group of high-net-worth individuals (HNIs) and professionals.

The company, which began its operations in November last year, has developed proprietary technology to assess users registered on its platform and perform credit checks on the borrowers.

The information is then shared with lenders which includes banks, non-banking financial companies (NBFCs) and individuals.

"We wanted to partner with investors who shared our vision in making a difference to credit is dissemination in the country. Our endeavour has been and shall be to cater to the population that deserves credit but is struggling because of some reason or the other," Rupaiya Exchange founder Rohan Hazrati said.

The company said it has received loan applications in excess of Rs 70 crore till date and has facilitated disbursement of over Rs 9 crore.

The company aims to scale up disbursement facilitation to Rs 100 crore over the next 12 months.

While the company did not declare the valuation figures, the funds raised will be used to further enhance technology and increasing team strength.

In April this year, the Reserve Bank of India (RBI) had initiated steps to regulate the nascent and unregulated peer-to-peer (P2P) lending business.

The central bank has proposed registering P2P lending platforms as non-banking financial companies (NBFCs) and had put out a discussion paper on the matter.

A number of online P2P lending companies working as marketplaces bringing individual borrowers and lenders together have come up. These usually work without the intervention of traditional financial institutions like banks and NBFCs.

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login