Deal4loans looking for $8-10 million venture funding

Deal4loans, an online loan information and application portal, is looking for venture funding of USD 8-10 million (about Rs 51-64 crore) to expand its business.
"We try to raise by about USD 8-10 million from venture capitalists for the next phase of growth... We need to expand our business and there is need of capital for promotion of our brand as well," Deal4loans co-founder Rishi Mehra told PTI.
"We are in the process of negotiation. Fund houses know that we have done well and will do better in future. There are lots of player looking after newer ventures in the market," he added.

The company is considering investing in mass media advertising soon to help reach out to the next set of customers.
The company's portal provides online comparison for retail loans. It not a broker but provides online comparison and passes the customer request to the bank which he opts for.
Since starting operations in July 2008, the company has worked with over 50 lakh customers.

Talking about new initiative, he said, the company is trying to develop loan machines.
"It would be a scanner based loan machine - a customer who wants loan puts in information and scanned his/her some important documents like PAN card etc in the loan machine. Driving licensee and all the documents signed by the customer. He can have an approval from a bank within minutes," he said.

Such machines can be set up at ATM centre, malls or offices which can be easily accessed by people, he added.