Andromeda acquires Apnapaisa for an undisclosed sum

Loan distributor Andromeda has acquired online loan solutions firm Apnapaisa for an undisclosed amount in a stock and cash deal.
With this acquisition, Andromeda will use Apnapaisa's technology to further its growth, the company said.
Andromeda is present in more than 30 cities across the country with a strength of 1000 staff and distributes close to Rs 8,000 crore in loans per year.
Apnapaisa was co-founded by Naresh Daga, Rajesh Vyas and personal finance professional Harsh Roongta in 2007.
While Vyas and Roongta will leave the company, Naresh Daga will continue with Apnapaisa, the firm said.
It has a portfolio consisting of home loan, personal loan, business loan and loan against property.

"With an established track record in the loan distribution business over the last 15 years, it is natural for the company to accelerate its process of growth by leveraging Apnapaisa's digital strength," Andromeda Chief Executive V Swaminathan said.

Lending is a complex business and requires contextual intervention, particularly in secure products. With the housing sector slated for rapid growth across the country, this acquisition will further consolidate our pre-eminent position, Apnapaisa's Naresh Daga said.
Andromeda has also chalked out expansion plans to reach 100 cities from the current 30 cities.
"Both tier I and tier II cities will be part of this expansion plan as housing finance requirements is expected to witness a sharp increase," the company said in a statement.

The company works with all the leading financial institutions and has a customer base of more than 1 lakh, it added.