Bangalore-based Ant Creditex Technologies Pvt. Ltd which owns and operates the lending platform, Qbera has raised $3 million in its first institutional fundraising. The all-equity deal was led by E City Ventures, a subsidiary of the business conglomerate Essel Group where the CreedCap Asia Advisors acted as the financial adviser.
The startup plans to use newly raised funds in expanding its operations, strengthen its technology platform and hire more people across business functions.
“We are in eight cities presently, and will now expand business to new cities like Patna, Chandigarh, Indore and Bhopal,” told Qbera founder Aditya Kumar to ET. “We are currently getting around 10,000 loan applications per month. The target is to scale up to 50,000 in the next 12-18 months.”
Qbera’s expansion plans will be supported by channel partners among payroll processors, direct sales agents and travel portals, among others.
Qbera was founded by Aditya Kumar and Anubhav Jain in December 2015 but the platform started its operation from February 2017. The startup offers unsecured personal loans for travel, medical purposes, education, vehicle purchase, weddings, refinancing debt and more. The loan amount ranging from Rs 50,000 to Rs 25 lakh to salaried individuals employed with small companies which are not catered to by mainstream banks. The company has banking partners such as IndusInd Bank, Kotak Mahindra, RBL Bank and others.
Qbera currently operates in Bengaluru, Chennai, Hyderabad, Mumbai, Pune and Delhi and the company have already disbursed around Rs 50 crore till date. At present, it claims to have a run rate of about Rs 100 crore and further targeting a fourfold jump in its loan disbursal run rate to Rs 400 crore per year by the end of next financial year.