LoanTap

LoanTap kicks-off Series B round with Rs 40 Cr from Avana Capital, Shunwei and IQ

LoanTap

One of the fastest-growing segments in fintech – lending – has become investors choice and accounted for nearly 50% of equity deals happening in the sector. Of late, several consumer lending startups such as InCred, Clix Capital and Tala raised substantial investments.

Joining the list of the companies mentioned above, LoanTap has kicked-off its Series B round. The company has raised Rs 39.5 crore led by Avana Capital. Exiting investors – Shunwei Capital and India Quotient also participated.

The USA-based debt fund invested Rs 25.49 crore whereas Shunwei put in Rs 6.99 crore. India Quotient, via its investment vehicle IQ Alpha III fund, also invested Rs 6.99 crore.

According to RoC filing with MCA, LoanTap has approved an allotment of 10 equity shares and 84,730 preference shares to the investors mentioned above at Rs 4,660.7 per share.

LoanTap focuses on sub-categories in lending such as personal loan, holiday loan, wedding loan, lifestyle and celebration, house loan, rental deposit and bike loan.

So far, the firm has managed to rake in six rounds of equity and debt.
The Series B CCPS shall carry a dividend rate of 0.01% and a conversion rate of 1:1. It essentially means, every Series B CCPS shall be converted into one equity share at a price decided at the time of conversion.

Post this fresh capital infusion, LoanTap will be valued at about $46.5 million ~ Rs 330.64 crore.

Backed by the likes of 3One4 Capital, Kae Capital, Tuscan Ventures, and individual investor Ashish Goenka, LoanTap has operations in 16 Indian cities and has disbursed over about Rs 300 crore loan till date.

LoanTap delivers ten different loans at an annual interest rate of 18%. Of these, it has claimed to witness a growth of 45-50% in rental deposit loans as of March 2019 compared to the previous fiscal.

Founded by Satyam Kumar and Vikas Kumar, LoanTap counts a long list of competitors like CapitalFloat, FlexiLoans, LendingKart, Rubique, EarlySalary, Faircent, Money Tap, and several others.

LoanTap

LoanTap kicks-off Series B round with Rs 40 Cr from Avana Capital, Shunwei and IQ

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Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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