i2iFunding a Noida based online peer to peer lending platform has raised an angel funding of Rs 2crore by group of investors. The funds will be utilized in upgradation of technologies and to create a mobile app that can store the data about bprrpwers including monitoring mobile purchases, including geo tags to create their risk profile. In the next 12 months it plans to reach the top 20 cities.
i2iFunding was founded in October 2015 by Neha Aggarwal, Manish Bansal and Vaibhav Pandey. It allows individuals to borrow money from other individual. It aims to increase lending activities from personal loans to salaried persons to business loans for small, micro and medium enterprises. It is currently operating in Mumbai, Bangalore and NCR.
Vaibhav Pandey co-founder and CEO at i2ifunding said
“This round of funding gets us to a comfortable position in terms of the capital requirement that has been set out by the RBI. To expand into the MSME portfolio, we need to hire fresh talents in the field of technology and get consultants to ensure that our credit evaluation methodology for the self-employed and businessmen is robust and full proof.”
I2iFunding has provided Rs 50 lakh loans at an average rate of 18 – 23 % to more than 1k borrowers with money from 200+ investors. A consultation paper was released by the central government to ask for suggestions on how to regulate the sector. Till now the startup was running as unregulated and has recently attracted the attention of Raghuram Rajan- RBI Governor.
A user who is looking for a loan first have to submit their personal details in i2ifunding platform. Then the company after taking a look on the profile, they are provided with credit the person is worthy of, and then investors are invited to provide money to the person looking for the credit at a particular rate of interest.