Digital Lending Platform Qbera Raises $3M in Funding Led by E-City Ventures, a Part of the Essel Group
Funds raised will be used towards furthering its technological & analytics capabilities, expanding its team and kick-starting the next phase of expansion
Photo Credit : theasianbanker.com,
In a development that highlights its exceptional growth in the digital lending sector, Qbera, one of India’s leading digital lending platforms, has raised funds worth $3 million in a round led by E-City Ventures. Qbera will utilise the latest capital infusion towards ramping up its technology and analytics capabilities, along with expansion of its team across functions, scaling its business and increasing its geographical presence to more parts of the country. As of August, 2018, Qbera has processed more than 2,00,000 applications and disbursed loans worth more than INR 50 crore. Currently at an annualised run rate of INR 100 crore of loan disbursals, and delinquencies of less than 1%, the company aims to extend loans worth INR 400 crore by the end of FY 2019-20.
E-City Ventures, led by Mr. Atul Goel, is a part of the USD 4-billion, well-diversified Essel Group, is engaged in diverse businesses spanning segments such as retail real estate, digital cinemas, financial services and proprietary investments. To this end, E-City Ventures has developed specialised management teams and companies to spearhead each of its business interests and capitalise on emerging industries. Additionally, the investment arm of E-City Ventures invests in new-age start-ups, with a focus on some of the most fast-emerging segments of Fintech and Mediatech.
Mr. Aditya Kumar, Founder and CEO, Qbera, commented, “This funding by E-City Ventures is a huge milestone for Qbera, which further bolsters our position as one of the fastest-growing alternative lending platforms in India. Moreover, it emphasises the impact of our diverse lending solutions targeted to help salaried consumers across various segments and geographies access affordable credit in a convenient and stress-free manner. We are thankful to the entire team at E-City Ventures, whose faith in our vision will undoubtedly help us in collectively achieving our goals, especially as an integral part of the financial services ecosystem which they are building. This will enable us to further accelerate our business operations and set the stage for Qbera to establish itself as a leader in the digital lending sector for consumers in time to come.”
Mr. Atul Goel, MD E-City Ventures, commented, “We are very excited about our investment in Qbera and believe that it shall adequately serve customers, currently relying upon inefficient and expensive means of financing, through its lending partners. This investment shall be a stepping stone for the formation of E-City’s financial services platform which it intends to build in the coming years.”
Qbera is a Bangalore-based digital lending platform offering quick, hassle-free personal loans to people through its platform. The company offers a variety of loan products targeted towards salaried individuals working for over 7,00,000 companies, such as personal loans, credit card refinancing loans, education loans, medical loans, and travel loans, among others.
The loan amounts on Qbera range from INR 1,00,000 to INR 25,00,000, with applicable tenures between 12 and 60 months. The platform facilitates loans from leading banks and financial institutions such as Kotak Mahindra Bank, RBL Bank, IndusInd Bank, and Fullerton, by acting as an intermediary between them and registered borrowers on Qbera. The company currently operates in cities such as Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Pune, Ahmedabad, Kolkata and Jaipur, with plans to expand its presence across tier-2 cities such as Lucknow, Surat, Bhopal, and Patna over the next few months.
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