The Bengaluru based online peer-to-peer lending platform LoanMeet, which is run by Strivers Solutions Pvt. Ltd, has raised an undisclosed amount of seed funding from Chinese entrepreneur-turned-investors Cao Yibin and Huang Wei, along with KrazyBee.com co-founder and CEO Madhusudan E, participated in this round. The capital will be used for expanding the company’s customer base it is said.
LoanMeet provides short-term working capital loans to retailers for inventory financing. The company claims to be growing at 50% month-on-month. The startup is working towards disrupting the multi-billion dollar supply chain finance in offline retail and is leveraging technology to fundamentally transform inventory financing for retailers.
Loanmeet was found by Sunil Kumar and Ritesh Singh in 2016. Before starting up, Kumar used to run a consulting firm, while Singh had founded an app-based service to make commuting easier.
As most retailers are unable to get loans from financial institutions due to lack of credit history, or insufficient documentation to process loan applications. With the focus is to use data to build credit models, enabling us to make quick credit decisions is a good idea. Being a fintech platform, there are tremendous opportunities in the offline inventory financing business.
The lending space for small businesses in India has seen increasing investor interest and has resulted in several digital lending startups raising funds in recent times. Online lending and payment gateway startups, especially having a P2P platform are hot in terms of investor interest.