You are here: Home » News-ANI » Business
Business Standard

Qbera disburses loans worth Rs. 30 cr; to undertake strategic expansion

Business Finance

ANI  |  New Delhi [India] 

Underlining its exponential growth in the fintech space Qbera, a leading digital lending platform on Thursday announced disbursing loans amount worth Rs. 30 crore to over 2,000 customers, till date.

With an average ticket size of Rs. 1.6 lakh, Qbera currently disburses Rs. 4 crore worth of credit each month, registering revenue of Rs. 1 crore in the previous year.

The company aims to breach the Rs. 200-crore mark by the end of the 2018-19 financial year.

"We are delighted about having originated more than Rs. 30 crores of loans through our partner financial institutions - an achievement that further consolidates our position as one of the emerging and fast-growing consumer digital lending players in India. Moreover, it also drives us to reach out to more consumers across various segments and geographies who have traditionally been excluded from the financial system and are in need of credit - predominantly salaried individuals working for over 7,00,000 employers with middle-incomes," said founder and CEO Qbera, Aditya Kumar.

What sets Qbera aside from other players is also the quality of the portfolio, with an aggregate delinquency rate of less than 0.5 percent to date. It is for this reason that Qbera is able to forge selective, best-in-class partnerships with leading financial institutions and create fast, frictionless and fair financial products for delivery to this large, underserved-yet-creditworthy segment.

"By expanding our reach, we aim to provide relief to this neglected and under-served section of salaried individuals in the country, leveraging our cutting-edge technology to provide them access to a gamut of financial services that they need in partnership with leading financial institutions," added Kumar.

Qbera currently operates in cities such as Bangalore, Mumbai, Hyderabad, Delhi/NCR, and Chennai, with over 1 lakh applications processed so far.

In addition, it plans to expand its presence across tier II cities such as Ahmadabad, Jaipur, Coimbatore, Indore, Lucknow and Surat over the next few months.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, March 22 2018. 12:00 IST