i2iFunding raises fresh funds; to focus on geographical expansion

Leading peer to peer lending platform i2iFunding.com on Thursday announced raising second round of angel investment worth Rs. 5 crores.

Led by SucSEED Venture Partners, Manish Poddar, a serial entrepreneur and investor, and a group of angel investors from globally renowned consulting and private equity firms, the investment is aimed to be utilized for strengthening technology, infrastructure and geographical expansion.

"We are developing the technology that can easily help to channel these savings to credit starved small borrowers. It is our mission to provide quick credit to small borrowers at appropriate interest rates. We will help the Government of India in its objective to further increase financial inclusion," said co-founder, Vaibhav Kumar Pandey.

He added that the funds will be utilized to develop user-friendly interface supported by cutting edge technology infrastructure based on big data for credit appraisal.

"The strong customer centric approach providing seamless and transparent user experience clearly shows the maturity of the founding team. We believe that i2iFunding is well placed to lead the P2P lending space in India supported by the recent RBI regulations which will help the industry achieve sustainable yet robust growth," said Manish Poddar who is a serial entrepreneur and investor.

"The dedication, maturity and consistent hard work of the entire team of i2iFunding has been extremely impressive which has drawn me towards them with trust and affirmation," said director-strategy deployment at Flipkart, Saket Jain.

Founded in 2015 by Abhinav Johary, Manisha Bansal, Neha Aggarwal, Raghavendra Pratap Singh and Vaibhav Pandey, the company will utilise the capital infusion to strengthen its technology infrastructure supported by machine learning and big data analysis.

It is also quickly increasing its geographical outreach and hence, has been undertaking team expansion. Over next two years, the company aims to fund at least Rs. 15-20 crores worth loans every month from about Rs. 1 crore per month currently. It has more than 50,000 registrations with about 3,000 active lenders.