The city-based alternative lending platform, OxyLoans, today said it is planning to raise a debt of Rs 200 crore to meet the requirements of borrowers
The city-based alternative lending platform, OxyLoans, today said it is planning to raise a debt of Rs 200 crore to meet the requirements of borrowers.
Financial technology startup SRS Fin Tech Labs Pvt Ltd had launched OxyLoans in November last year.
The new alternative lending platform connects borrowers and lenders online and it acts as a facilitator. It is a peer-to-peer lending (P2PL) and peer-to-peer investing (P2PI) platform.
"We are planning to raise Rs 200 crore debt. As of today we have Rs 600 crore loan requirement on our platform and after filtering we found that loans to the tune of Rs 200 crore are good loans which are backed by the assets," SRS Fin Tech Labs Private Ltd founder and CEO Radhakrishna Thatavarti said.
"Hence, we are taking this Rs 200 crore portfolio to big time lenders to make money available to the borrowers," he said.
He said they have over 240 asset-backed applications from borrowers, and expressed hope to complete the process (raising debt of Rs 200 crore) within six months.
Thatavarti further said that OxyLoans, which has set a loan disbursal target of Rs 156 crore in three years, has facilitated loans to the tune of Rs 64 crore in the last nine months.
"We are planning to bring in more lenders, increase supply and decrease interest rates," he said.
In India, the cumulative P2P lending is expected to be Rs 30,000 crore by 2020, he said.
On the proposed Reserve Bank of India's guidelines to regulate the Indian P2P lending market, Thatavarti said, "We understand that the regulations are going to be out very soon by the end of this month. OxyLoans welcomes the same."
The RBI guidelines will act as a growth catalyst for P2P business, he added.The RBI had floated a consultation paper in April 2016 for the Indian P2P lending platforms.