Loan Frame, an online lender providing access to capital in India, has raised $2.25 million. According to the India Times, the funding round was led by Parag Saxena, co-founder of Vedanta Capital and William Campbell, former chairman of Visa International. Additional investors included Toos Daruvala, co-chief executive of MIO Partners, part of McKinsey and Co.
Loan Frame publicly states it is building the “largest SME lending marketplace in the sub-continent.” The intent is to merge processes from global banks, big data, and technology with Indian SME credit experience.
Loan Frame was founded by three entrepreneurs with deep financial roots. CEO Shailesh Jacob started his career as an investment banker with Piper Jaffray and then took Copal Amba from a startup to top outsourcing firm until it was acquired by Moody’s. Akshun Gulati is head of corporate development. He previously managed a team for a $80 billion US private equity and distressed debt fund. Rishi Arya is CFO of Loan Frame. Arya started at KPMG and most recently managed equity investments of Canara HSBC OBC Life.
Jacob said they expect to lend about $150 million over the next 2 years in both secured and unsecured lending.
Speaking to India Times, Jacob stated;
“The funding will be used for technology and team building, and also to forge relationships with the right institutions. Our focus is on getting the platform right now …The company will also be investing on its distribution network and roll out a few technology products soon.”