City-based OpenTap today said it has raised Rs three crore funding from High Net Worth individuals that will be used to strengthen the technology infrastructure and to meet its expansion plans.
OpenTap currently focuses on providing short-term credit to individuals and aims to reach Rs 100 crore by the end of the year, a company statement said.
Currently, the company has a base of 1,200 individuals with a loan book size of Rs 3.50 crore.
"Having established a stronging in the alternate lending space, the additional funds will be very useful to further propel our growth", OpenTap co-founder Senthil Natarajan said.
"We will utilise the funds for team enhancement and marketing to continue identifying and servicing customers", he added.
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