Web-based loaning startup SMECorner raises $12.7 million in debt funding
SMECorner provides loans to MSME by utilizing an online platform that uses AI, computerized reasoning and information science in a protected manner.
It recently benefits 3000 clients working on small businesses like Kirana stores, physicists, clothing stores, and sustenance outlets.
BCG report states that digital lending market is going to be $1Trillion markets by the next 5 years.
Quona Capital has driven crisp funding round of debt and equity for Mumbai based online loan startup, SMECorner. SMECorner has raised a total $12.7 million out of which $4.9 million is contributed by Quona capital backed Accion Frontier inclusion fund. The balance equity is also contributed by existing investor including Accion venture lab.
Samir Bhatia has found this Mumbai based startup in 2014. It offers fast excess to MSME (Micro, small and medium) enterprises. It provides loans by utilizing an online platform that uses AI, computerized reasoning and information science in a protected manner. Recently startup is functional in nine urban communities in three states and is targeting to use the fund to explore its business in 30 urban areas by next financial year. It has received its NBFC license in February this year.
It offers credits at a normal interest rate of 24% to small industries and the average dispensed amount lie around $9,216. It recently benefits 3000 clients working on small businesses like Kirana stores, physicists, clothing stores, and sustenance outlets. According to Samir Bhatia, “We are targeting to use raised fund to enhance our business to 9000 clients and dispense over INR 1000 Crore of advances by March 2020.”
SMECorner rose previous funding of $7 million in June 2018 by Caoota first, existing investor Accion Venture Labs. Till now SMECorner has raised a total of INR 200 Crore in debt and equity.
There are also few key players in this domain including KrazyBee, Smartcoin, Aye Finance, Finomena, Quickly and Buddy. In January 2019 Aye Finance has raised $10 Million (INR 70.5 Cr) in a debt funding round from Northern Arc and global impact investment manager through the issuance of non-convertible debentures.
BCG report states that digital lending market is going to be $1 Trillion markets by the next 5 years.
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