B2C online loans a Gurugram-based marketplace MyLoanCare, has secured $977.7K (INR 6.5 Cr) equity Series A funding from Ncubate Capital Partners, a private investment arm of SAR Group family office.
This funding will be used by the startup for
- Technology augmentation
MyLoancare will also be entering into new segments such as cards, savings & investments.
Commenting on the fundraise, Gaurav Gupta, Co-founder and CEO, MyLoanCare said,
“We are excited to have onboard Ncubate (SAR Group) as an investor given the vast experience in building successful customer-focused businesses.This investment will see MyLoanCare emerge as the most trustworthy brand in financial intermediation.”
A fresh loan query is generated every 30 seconds claims the startup. The startup has 22 lending partners and a reach across 1,200 locations in the country.
It has tied up with leading banks and finance companies in India to offer retail borrowers a convenient digital platform to compare, select and apply online loans such as personal loan, home loan, gold loan, business loan, loan against property and auto loan with ease and transparency.
The startup claims on its website that MyLoanCare is a team of techno-financial experts that aspire to bring transparency, simplicity and convenience to borrowers in India using technology in innovative ways.
“Our mission is to: offer professional advice to borrowers in India, protect the interest of borrowers, help borrowers make informed choices when comparing loans, negotiate best deals for home loans, balance transfer, loan against property, personal loans and business loans.”
With a huge scalability potential, MyLoanCare has gotthe support of SAR Group to expand its horizon of services and portfolio.