Faircent raised an undisclosed amount of funding from Aarin Capital Partners in October and another $250,000 from M&S partners in June last year.
Mumbai: Peer-to-peer lending portal Faircent.com, run by Fairassets Technologies India Pvt. Ltd, raised $1.5 million from Brand Capital, the company said on Thursday.
Brand Capital is the ad-for-equity investment arm of the conglomerate, Bennett Coleman and Co. (BCCL).
Ad-for-equity implies, that, against the equity stake given to Brand Capital, Faircent.com gains the opportunity to advertise in BCCL’s media assets such as newspapers, radio stations, television channels, radio, among others.
Earlier in May, the subsidiary of financial services firm JM Financial Ltd bought a 9.84% stake in Gurgaon-based Faircent.com for an undisclosed amount, as a part of the company’s series A round of funding.
Individual investors such as Arun Tadanki, Doreswamy Nandkishore along with Mohandas Pai’s Aarin Capital and Singapore-based fund M&S Partners too participated in the Series A round.
Also Read : JM Financial subsidiary invests in P2P lender Faircent
Prior to that, the company raised an undisclosed amount of funding from Aarin Capital Partners in October and another $250,000 from M&S partners in June last year.
Founded in 2014, by Rajat Gandhi and Vinay Matthews, Faircent.com is a peer-to- peer lending market for individual and business loans.
It has over 6,000 and 26,000 registered lenders and borrowers, respectively, the company said.
In the last two years, a total loan of Rs.6.5 crore has been disbursed from the portal.
“The investment proves and strengthens our brand conviction towards disrupting credit in India. Our association with Brand Capital would help us to accelerate our brand building efforts in order to reach more borrowers and lenders. More people need to be made aware of the alternate investment opportunity that we provide and this will help us take a step closer to provide easier and cheaper access to the credit market in India,” said Gandhi.
HT Media, Mint’s publisher, competes with BCCL.
[“Source-Gadgets”]
