Pune-based online lending startup LoanTap has raised $8 million or approximately Rs 57 crore from a combination of debt and equity for its fifth funding round which was led by Bengaluru-based early stage venture capital fund 3one4 Capital.
Existing investors such as ShunWei Capital, Kae Capital, India Quotient, Tuscan Ventures and angel investor Ashish Goenka also participated in the round.
“3one4 Capital brings in a unique blend of expertise in core tech investing and a deep sectoral understanding along with an immense network that includes its marquee limited partners,” CEO Satyam Kumar told media persons.
LoanTap was founded in 2016 by Vikas Kumar and Satyam Kumar. It offers loans, personal overdraft, rental deposit loans and credit card takeover loans by focusing on monthly cash outflow of salaried professionals.
These customised loans match speed and instant consumption patterns of the tech-savvy millennial.
“By giving their customers more choice, better information, reduced complexity and allowing for personalisation, the LoanTap team has demonstrated a true understanding of the elements that go into building an institutional presence in their space. They have utilised their deep domain expertise to build a platform that reduces uncertainties, eliminates friction, and integrates all the necessary components to diligently facilitate the best possible offering for their customers,” said Pranav Pai, founding partner of 3one4 Capital.