 "Bestdealfinance.com aims to disburse $1bn loan through its portal by end of FY16")
The financial e-commerce portal provides end-to-end solution to financial needs of individual and small and medium enterprises. The portal will provide a range of loans, such as home loans, auto loans, business loans, loans against property, apart from credit cards, healthcare and construction equipment financing.
“We have signed up with 22 banks so far, and soon will also announce the addition of two large public sector banks. We have also got several builders and car dealers on to our website. What we bring to table is much more than just comparison of financial products, as some of the sites offer. We are giving a one stop shop solution for all the financial needs of consumers who are both online and offline,” said Manavjeet Singh, MD and founder, bestdealfinance.com
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Singh believes that with 11.5 million users in India visiting financial websites this is the best time for such a product. Bestdealfinance.com will have an omni channel presence with both online, offline and presence on the mobile platform too. “We have opened our offices in Mumbai, Pune, Delhi, and Bangaluru,” he added.
Bestdealfinance will also focus on the SME segment. The SME market loans will reach $346 billion and is growing at a compounded annual growth rate of 17.8 per cent. Singh added that SME funding gap is around $126 billion. Singh elaborated that of the $1 billion disbursement a significant chunk will come from the SME segment as the ticket size of loan is higher when compared to an individual.
Bestdealfinance.com so far is a self funded firm, Singh added that so far he has not tried to raise any funds from angle investors or VCs. “We are not in a hurry to raise funds. We would want a partner on board rather than a financial investor and we will be interested in connecting with someone on what they bring on table,” he added.