 "Faircent")
Faircent.com, India’s largest peer to peer lending platform catering to retail and business loans has finalized a deal for diluting 9.84% of its stake to JM Financial Products Ltd, a subsidiary of JM Financial Ltd.
Existing investors Mohandas Pai’s Aarin Capital and Singapore based fund M&S Partners too participated in the Series A round.
This round also saw participation from individual investors like Arun Tadanki ex-MD Yahoo Asia and MD of Monster.com, Asia Pacific & Middle East. Doreswamy Nandkishore, ex-member of the Global Board of Nestle. US based Serial entrepreneur Kshitij Jain, founder of Mobolt, which was acquired by Indeed.com.
Faircent.com, which started its operations in 2014, is a pioneer in the Indian peer to peer lending market with over 6,000 and 25,000 registered lenders and borrowers respectively and has disbursed a total loan of Rs 4.5 cr in over 18 months.
It is a P2P lending marketplace where creditworthy borrowers and lenders are aggregated. Faircent empowers the borrower by having a transparent rate discovery model and enables them to reduce interest rate through a unique reverse auction model.
Funds raised will be utilised to further refine tech enabled risk mitigation algorithms through big data analytics thereby empowering lenders to take better decision and creating greater access to credit for borrowers
