Bangalore based startup LoanMeet has raised an undisclosed amount of seed funding from the Chinese entrepreneur-turned-investors Cao Yibin and Huang Wei, along with Madhusudan E, co-founder and CEO of KrazyBee.com. The startup plans to utilize the raised capital for expanding the company’s customer base.
“LoanMeet is disrupting the multi-billion dollar supply chain finance in offline retail. It is leveraging technology to fundamentally transform inventory financing for retailers,” said Yibin.
Loanmeet was found by Sunil Kumar and Ritesh Singh in 2016. The company offers short-term working capital loans to retailers for inventory financing.
“Most retailers are unable to get loans from financial institutions due to lack of credit history, or insufficient documentation to process loan applications. Our focus is to use data to build credit models, enabling us to make quick credit decisions. We are a focused fintech platform, and we see tremendous opportunities in the offline inventory financing business,” said Sunil Kumar.
The company claims to be growing at 50% month-on-month. The startup is working towards disrupting the multi-billion dollar supply chain finance in offline retail and is leveraging technology to fundamentally transform inventory financing for retailers.
Lending space has become a hot cake among the Venture capitalists, angel investors, high net worth individuals and private equity houses and has resulted in several digital lending startups raising funds in recent times.
In the last month, Bangalore-based consumer lending startup EzCred has raised more than $ 1 million from a clutch of angel investors in its seed round include Rajesh Yohannan, former head of Citibank, and Akash Garg, the director of engineering, Uber.