Mumbai-based P2P lending fintech startup, Capzest, has raised $200K in seed funding from LionVentures, a seed investment and innovation platform founded by Anurag Mehrotra founder of LionVentures; Varun Dua, co-founder and CEO of Coverfox; Amit Tambe, former senior partner of Trilegal India and Vikas Jhunjhunwala, a Mumbai-based textile businessman reported VC Circle.
Founded in 2015 by Sayantan Sarkar and Rohan Adlakha, Capzest’s digital lending platform has partnered with banks and NBFCs to provide personal loans and business loans to SMEs. The lending platform plans to utilize funds to strengthen its technology, marketing and operations team in addition to launching a number of new products, Rohan Adlakha, co-founder of Caplets told Techcircle.in. Adlakha said the company will introduce a number of products including education loans (for courses in both international and domestic institutions), personal vehicle loans and commercial loans soon.
“Since the top end of the consumer pyramid is taken care of by banks and the bottom level of the pyramid is addressed by micro-finance institutions, it’s the consumers at the mid-level that are our targets,” Adlakha commented.
Capzest offers unsecured personal loans of Rs 50,000-2 lakh at interest rates of 11.49-14 per cent. It charges 10-11 per cent interest on business loans starting from Rs 25 lakh and going up to Rs 5 crore. According to Techcircle.in, Capzest has partnered with six financial institutions including Reliance Capital and Essel Finance and has received over 1500 applications for personal loans and 150 applications for SME loans.
