Faircent.com raises capital from a clutch of investors to fuel expansion

Gurgaon - based peer- to-peer lending pioneer Faircent.com on Wednesday said it has raised capital at an enterprise valuation of $4 million. The round was led by couple of investors from the micro finance industry - Devesh Sachdev and Ashish Tiwari, promoters of Fusion Microfinance Pvt Ltd, a company having Gross Loan Portfolio of 250 crore as on December 2014, invested in the venture in their individual capacity, said a statement.

Bootstrapped by promoters Rajat Gandhi, Vinay Mathews and Nitin Gupta, Faircent.com has been in operations for last six-months. It has been witnessing good traction both with borrowers and lenders looking at alternative sources of borrowing and lending. Although founded in 2013, it spent nearly 12 months in developing the platform which has proprietary technology enabled underwriting and borrower rating system, said the statement.

"Devesh and Ashish are seasoned professionals from the micro finance industry, we wanted our initial set of investors to be from the banking and finance industry who would bring synergy to our operations through their experience and network," Rajat Gandhi, Founder CEO of Faircent.com said.

The money raised would be used for strengthening technology, talent and brand.