India-based P2P lending platform Faircent has raised $1.5 million from Brand Capital, the investment arm of the media conglomerate Bennett Coleman and Co, according to The Economic Times.
“The investment proves and strengthens our brand conviction towards disrupting credit in India,” Faircent CEO Rajat Gandhi told the Economic Times. “Our association with Brand Capital would help us to accelerate our brand building efforts in order to reach more borrowers and lenders. More people need to be made aware of the alternate investment opportunity that we provide and this will help us take a step closer to provide easier and cheaper access to the credit market in India.”
Earlier this year the P2P lender raised Series A round led by JM Financial Ltd subsidiary which picked up 9.8% stake in the company. Existing investors in the prior round also included Aarin Capital Partners and other individual investors; though undisclosed, the raise was estimated to be between USD 2.5 million to USD 3 million. Faircent utilized the capital to build its technology, product and team.