Loantap raises Rs 57 crore

BENGALURU: Digital lending platform Loantap has raised $8 million (Rs 57 crore) through a combination of debt and equity in its fifth round of fundraising led by Bengaluru-based early-stage venture capital fund 3one4 Capital. The round also saw participation by existing investors such as Shunwei Capital, Kae Capital, India Quotient, Tuscan Venture and angel investor Ashish Goenka.

This round comes close on the heels of an equity fundraise that happened in July last year when Shunwei Capital came in. The company had raised $6.25 million at that time.

The Pune-based nonbanking finance company (NBFC) extends consumer loans, personal overdrafts and rental deposit loans. “The last round that we had raised in 2018 has been mostly used for onward lending,” said CEO Satyam Kumar. “Now with this equity fund infusion I will be able to leverage more and plan to raise Rs 90 crore of debt mainly to help in creating a bigger loan book.”