Saturday, July 20, 2019
News
NEWS HOME
»
PRN INDIA
SucSEED Backs i2iFunding Second Time, India's Leading Online NBFC - Peer to Peer (P2P) Lending Platform
  SocialTwist Tell-a-Friend  
   

HYDERABAD, India, June 25, 2019 /PRNewswire/ --

Happy with its performance, SucSEED Venture Partners backs its portfolio company RNVP Technology Private Limited second time. Known as i2iFunding, an RBI registered leading peer to peer lending platform in India, which verifies and matches borrowers looking for unsecured loans with interested lenders.


        (Logo: https://mma.prnewswire.com/media/894229/SucSEED_Logo.jpg )

i2iFunding provides affordable unsecured loans to borrowers such as people with no credit history, small businessmen, self-employed personnel, grade 4 government employees, newly employed salaried personnel, and many others who are not serviced by banks or NBFCs. i2iFunding has disbursed loans of value more than Rs. 36 crs and has crossed monthly disbursal of Rs. 4 crs. i2iFunding has raised more than $1 million so far.

Vaibhav Kumar Pandey, co-founder of i2iFunding, said, "Majority of India is still credit starved as it lacks traditional data which banks use to provide loan. As a result, these borrowers resort to expensive informal credit or have to disclose their requirements to friend/family for financial help. They end up in debt trap or get embarrassed or both. i2iFunding have now developed strong understanding of such borrowers and have come up with technology-based customized solutions to cater to each borrower segment using alternate data. We think that we have now reached the inflection point and are in position to replicate our solution on much larger scale by increasing our outreach."

"We are grateful for the immense confidence which SucSEED has shown in the business. From January 2018, when SucSEED had previously invested, i2iFunding has grown more than 8x. This round of funding led by SucSEED will help us to leap forward and cement our position as the leader in peer to peer lending space. We expect to achieve 5x growth over the next year and also become profitable on the back of our strong unit economics. We are also in discussions with marquee investors in fintech space to raise Series-A funds," added Vaibhav.

Ajay Kalhan, an active investor with SucSEED and who has been representing SucSEED on board of i2iFunding, said, "Looking at the performance of i2iFunding over last 18 months, our angel investors felt confident to do follow-on investment round with them. In fact, this is our largest investment in any startup and we are excited to back i2iFunding with our full support."

Vikrant Varshney, Co-founder & Managing Partner of SucSEED, said, "With Investments in Paymatrix, Insense, Stockal and i2iFunding, we have penetration in payments, card analytics, wealth management and P2P lending space in the fintech sector. This gives us unique opportunity to help fester collaborations amongst all fintech startups to create a unique value proposition for the financial sector."

About RNVP Technology Private Limited    

http://www.i2iFunding.com

i2iFunding is India's leading NBFC-P2P and provides up to 10 lakhs of unsecured loans for both personal usage and business expansion purposes and these loans are funded by retail lenders registered on their platform. i2i's large focus segment is borrowers who have never taken loan previously from organized institutions, thereby supporting Indian Government's mission to increase financial inclusion.

Problem(s) being addressed:    

  • For Borrowers: Majority of India is credit starved as banks and NBFCs have limited focus and risk appetite to lend to customers such as people with no credit history, small businessmen, self-employed personnel, grade 4 government employees, newly employed salaried personnel, and many others. As a result, these borrowers resort to expensive informal credit or have to disclose their requirements to friend / family for financial help. They end up in debt trap or are embarrassed or both.
  • For Lenders: Mutual funds and fixed deposits remain the frontline investments products for retail customers in India. The returns are typically in 7%-12% range. In addition, timely redemption remains a challenge in mutual funds. There is no product which provides 15% - 20% stable returns.

Solution:    

  • i2iFunding provides unsecured loans up to Rs 10 Lakhs at affordable rates to these borrowers. i2i has built customized evaluation criteria for each customer segment by leveraging technology and hence, is able to provide loans at affordable interest rates.
  • The interest rate on loans provide attractive returns to lenders. Hence, i2i has been instrumental in developing a new asset class for Investors (Lenders in this case).

Market Potential in P2P Lending space in India:    

  • As per PWC report, estimated potential of P2P market in Indian is around $4-5 billion over the next 5 years. Various industry pundits peg the full potential to be upwards of $100 billion.

Details of 5 Co-founders:  

  • Vaibhav Pandey is an MBA from IIM Ahmedabad with 12+ years. At i2i, he leads automation and strategic tie-ups. His unique ability to understand the business risk of our partners and price their loans accordingly has helped i2i win accounts while competing with more established fintech companies in India.  
  • Raghavendra Singh is an MBA from IIM Calcutta with 12+ years of experience. At i2i, he leads product development, digital marketing and lender acquisition. He has been instrumental in ensuring that 100% of loans at i2i get quickly funded. i2i is also ahead of its peers in terms of trust among lenders.
  • Neha Aggarwal is an MBA from XIM Bhubaneshwar and leads credit at i2i. Her ability to understand and quantify risk associated with retail loans has helped i2i in keeping NPLs low while servicing the segment which is generally out of favour for formal lenders. She has been instrumental in developing rule-based credit evaluation to make the business scalable.
  • Abhinav Johary is an MBA from Amity Business School and has strong understanding of operations. He leads sales for blue collared salaried employees who are still to get online. He also leads collection and recovery functions at i2i.
  • Manisha Bansal is chartered accountant and has 9+ years of experience in finance and HR management. Leveraging her skills, she leads audit and recruitment.

About SucSEED Venture Partners    

SucSEED Venture Partners, founded in 2016, is one of the fastest growing Angel Network, with a combination of CXO level Corporate Professionals, Technology Angels, Business Leaders and Serial Entrepreneurs, who have come together to fuel the growth of Indian Startup System at early stage, with provision of growth capital, organizing access to market and Business mentoring. SucSEED's Investment Strategy is primarily targeted at Growth stage in post revenue startups involved in Innovation for Mass or Use cases with real problem statements using emerging Technology.

SucSEED has been investing in Fintech, Edtech, Real Estate Technology, HR Tech & Expert Network, Enterprise SAAS, Analytics space primarily, but also open to support in other areas with recent investments in Publishing & MediaTech and Automotive & IOT Space. SucSEED has earlier invested in OckyPocky, XploraBox, SRJNA and with recent investment in LetzConnect, SucSEED completes the lifecycle from K-12, STEAM to College for the Edtech Sector and beyond. With Investments in Paymatrix, Insense, Stockal and i2iFunding, they have penetration in payments, card analytics, wealth management and P2P lending space in fintech arena.

SucSEED facilitates and raises seed funding through angel investments and provide support towards venture capital to such entities and teams. SucSEED network comprises of professionals and entrepreneurs who extensively mentor the investee startups. The investors are senior industry leaders with extensive domain knowledge and peer networks, assist in creating a structure to support startups and further enhance the ecosystems. Startups will get to leverage the expertise of individual investors who are part of initiative and share their expertise in Sales & Marketing, Finance, Systems and Technology, Risk, Legal & Compliance, Human Resources & training.

Contact: For further information on SucSEED or on this Investment, please contact:
Content Team of SucSEED Venture Partners, Hyderabad.
E-mail: Info@SucSEED.biz
LinkedIn, Twitter, Facebook

Contact: For further information on i2iFunding, please contact:
Raghavendra Pratap Singh, Co-founder, i2iFunding
Email - raghavendra@i2ifunding.com
Mobile: +91-89291-98001
Linkedin, Twitter, Facebook

 

More News by PR Newswire India

BrightCode, A Blockchain-based Commodity Confidence Index Initiated by VeChain and Bright Food, Introduces How VeChainThor Blockchain Empowered Their Business

National Car Rental's Emerald Club Earns the Brand Top Recognition by Travel + Leisure

Victor Restis Sues The American Interest, Inc. For Damages For Defamation And False Light

Cairn Oil & Gas Leads the Way in Digitalization of Indian E&P Sector; Signs MoU With 5 Digital Start-ups in DigiXplore 2019

Working to Lower Costs & Eliminate Barriers to Access for Students Worldwide, International Baccalaureate Eliminates its Student Exam Registration Fee

XCMG Global Operator Excellence Program Prepares All-around Talent for Construction Machinery Industry

Transforming Advantages into Quality Products: Yili to Enter Southeast Asian Market to Bolster Local Industry

Zinnov Awards 2019 Recognizes the Titans of Tech, Organizations Breaking New Ground, and the Leaders Who are the Harbingers of Change

Tyre Dealers Trust Tyremarket.com for Giving Them Digital Exposure and Increasing Sales

The Legend Returns! WCG 2019 XI'AN Grand Final Begins

Venture Global Secures Binding Commitments of over $10 billion for its $5.8 billion Calcasieu Pass LNG Construction Financing

LVC, COTS, and TaaS Models Transforming Military Training and Simulation Market

RENBDO Pre-ICO Creates Opportunities for Investors

Young Living Acquires Nature's Ultra

GEP Wins Top Honors in Procurement Consulting at CIPS Supply Management Asia Awards in Singapore

Adoption of Service-based Model Spurs Growth in the Global Medical Imaging Industry

STANLEY Healthcare Earns Acclaim from Frost & Sullivan for Its Portfolio of RTLS Solutions

Clarivate Analytics introduces Cortellis Content-as-a-Service (CaaS) to accelerate drug discovery and development

Ultra Sale on Tokinex Completed in 35 Seconds

International Recording Artist B.WinA - BRENT WINTER releases inaugural single 'THE WAY'

STL Delivers 63% Growth, Sets up FY20 for Large Data Network Innovations

Phunware Awarded Company of the Year by Frost & Sullivan for Multiscreen as a Service Platform

One of the world's leading certification bodies DNV GL speaks out about VeChainThor Blockchain after using the public blockchain for one year

Frost & Sullivan Honors Industry Leaders for Best Practices in Innovation and Leadership

Merck and Broad Institute Announce CRISPR License Framework to Encourage Innovation

Risk Perceptions and Debt Financing Terms Have Improved for Solar PV and Wind, Suggests the 2019 'Clean Energy Investment Trends' Report From CEEW and IEA

Bunge Loders Croklaan Opens New Oils Processing Facility in China

OPPO Offers a Bigger and Better Experience With A9

Dream11 Becomes the Official Fantasy Game Partner for the European Cricket League (ECL)

Yili Ranked as Third Most Valuable Food Brand in the World and Most Valuable in Asia

CapBridge Partners Hana Financial Investment to Extend Footprint in South Korea

Rostec to Produce Inflatable Buildings

DLF Promenade Launches FASHIONATION

Elbit Systems Participated in Lockheed Martin's Supplier Conference in India

Azure Power Appoints a Chief Executive Officer and a President

Thomson Reuters Launches 'TR IGNITE' the Asia Pacific Technology Investment Programme, offering startups the opportunity to pitch for up to US $250,000

YAO Network: A Revolutionary Model for an Unprecedented Success

Yotel Announces Ambitious Growth Plans for Australia and First Flagship Hotel in Melbourne

AAIC® 2019 Highlights New Research Showing Healthy Lifestyle May Offset Environmental and Genetic Risk of Alzheimer's Disease

Best Practices to Manage New Cyber Risks for Healthcare Professionals as Data Conquers the Healthcare Industry

MOBI Announces the First Vehicle Identity (VID) Standard on Blockchain in Collaboration with Groupe Renault, Ford, and BMW Among Others

Major Changes to EB-5 Program Approaching

Radiflow Commended by Frost & Sullivan for Elevating Customer Experience through its iSID Detection and Analysis Platform

Innoviti Gets an Ex-parte Injunction in a Case Against Pine Labs for Infringement on its Patent for Technology Enabling UPI Payments at POS terminals

Tapad and AdsWizz Partner to Enable Digital Identity Resolution Across Audio Ad Campaigns

Blockchain Start-up RENDBO Ready to Launch Pre-ICO

Gallop.ai merges with Japanese travel major Amnet

Aon names Darren Zeidel as General Counsel

CarLabs Earns Acclaim from Frost & Sullivan for its AI-based Customer Engagement and Marketing Platform

Management Change at TEMSA

Retail Outlets Make Life Sweeter at Rustomjee Urbania

Sugar Technologist's Association of India Honours Mr. B.B. Mehta, Whole Time Director, Dalmia Bharat Sugar and Industries Limited With Lifetime Achievement Award

Icertis Cements Undisputed CLM Market Leadership with $115 Million Round

CleverTap Names Miten Mehta as Chief Alliance Officer to Head its Global Partnership Ecosystem

New Frontier Group, industry leader in Cost Containment and Assistance Solutions, announces the arrival of its newest management team member to its rapidly expanding company

ELECRAMA 2020: Evolution of New Electricity Era

energyOrbit Announces Service to Manage Infrastructure for Energy Efficiency Programs for Utilities and Implementors

RummyCircle Signs Prosenjit Chatterjee as Brand Ambassador

Gartner's Software Advice Names Bright Pattern FrontRunner for Call Center Software

MCI's European Doctoral Program Successfully Confirmed

ThoughtWorks to Conduct the First Multi-city Edition of Vapasi in India

SOLV Invites Techies to Hack its Digital Billboards Across Bengaluru, Becomes 1st in India to Pioneer a New-age Hiring Practice

Evija: Lotus Unveils World's Most Powerful Production Car

Stenn Closes $200m Securitisation With Natixis, Further Extending Its International Trade Finance Programme Toward a Multi-billion Target

Ideagen Confirms Decade of Successive Growth in Strong End of Year Results

Excelity Global Announces Strategic Alliance With Trans Skills to Expand Into META Region

Linode Expands Global Data Center Network to India

Zeal Global Group to Lead Rossiya Airlines' Cargo Operations to Goa

Zinnov Says RPA Services Market set to Witness a Mammoth 47% Growth to Reach $ 4B by FY2024

StatusToday Surpasses 1000 Live Companies and Named Gartner Cool Vendor for AI

Russell Reynolds Associates Hires Pankaj Arora

YAO Network: The Blockchain Paradise Developers Have Been Waiting For

Menarini Silicon Biosystems Launches VRNxT Volume Reduction Instrument

Premia Partners introduces global first MSCI Vietnam ETF and first low-cost US Treasury Floating Rate ETF designed for Asia as investors position for market uncertainties amid trade discussions

Breville Group Acquires ChefSteps

Exact Imaging Commended by Frost & Sullivan for ExactVu™, its Micro-Ultrasound System for Targeted Prostate Biopsies

Bhuwan Chauhan, a Mon Ethos Pro athlete, wins first place at the Vancouver Pro/Am bodybuilding competition on Sunday

MicroPilot Nears DO-178C Certification

Havas Health & You Launches Havas ECS, First Major Network Strategic Communications Advisory And Training Company Focused On Increasing Scientific Understanding Of Cannabinoids

Birch Grove Capital Selects ClearStructure Financial Technologies' Sentry PM as its Portfolio Management Solution

TMP Worldwide Acquires Perengo- A Leader in Programmatic Recruitment

Deluxe Earns Acclaim from Frost & Sullivan for Its Cloud-Based Platform, Deluxe One

Medtalks Emerges as India's Leading Digital Platform for Integrated Healthcare Communications

Siklu Appoints Ronen Ben-Hamou as New CEO Leading the Wave of 5G mmWave Applications

OPPO Strengthens India Leadership; Appoints Sumit Walia as Vice President, Product & Marketing

Stringent Regulations and Environmental Concerns Drive Demand for Higher-end Protective and Antifouling Marine Coatings

The Killers to Headline Sunday Night Yasalam After-Race Concert at 2019 Abu Dhabi Grand Prix

Helo spreads 'Ever Green Love', 100 users get a tree in their name

Quectel Announces Listing on Shanghai Stock Exchange

Merck's Embracing Carers™ Launches 'Time Counts' to Raise 1 Million Minutes of Support for Carers

Bringing Transparent Peer Review to the Physical Sciences and Beyond

The Menarini Group Celebrates the Champions of Fair Play

Vakrangee to Set-up Electric Vechicle (EV) Charging Infrastructure Across India

1mg Introduces Diabetes Care Plan to Reduce Medical Expenditures by Half

Singapore Technology Company JEDTrade launches Jupiter Chain, one of Southeast Asia's first blockchain-enabled smart, consentable data exchange platform

SCIKEY Goes Global With Finland Funding Boost

Floating Solar: Philippines Switches On It's First Hybrid Floating Photovoltaic Hydro Power Project

SaaS Version of Premium Container Carrier Operations Solution ALLEGRO to be a Gamechanger

YAO Network: An Outlier Set to Disrupt the Blockchain Status Quo

Supermicro Brings Unprecedented Performance and Configurability to the Intelligent Edge for New Security, 5G, and AI Solutions

OKEx's Token Surged 163% and Will See Continued Growth, Blockchain Investment Firm Forecasts

JinkoSolar Commended for Its High-efficiency Solar Module Technology by Frost & Sullivan

Free EB-5 Visa Consultations In Dubai, India And South Africa

Space in Africa Closes Investment Round; Expands Staff to Eleven People Across Five African Nations

Advances In The Global Search For Blood Markers For Alzheimer's Disease And Other Dementias

Remote Patient Monitoring to Radically Transform Healthcare Services Using IoT and Big Data

Industrial IOT Gives Rise To New Growth Opportunities In The Global Automation Market

Spencer Stuart Launches New Unit Formed from the Talent-Related Businesses it Acquired from Aon

XM Cyber Applauded by Frost & Sullivan for Its Automated and Continuous APT Simulation and Remediation Platform, HaXM

The Global Fishery Forum Discussed the Present and Future of the Fishing Sector

Dusk Network Announces Listing of DUSK Token on Bitfinex, Bittrex International and Ethfinex

PeopleStrong Rebrands its Recruitment Business as Taggd

Rakhi.in Prepares for PAN India Services, Launches its Range of Region-based Rakhis

NCR Recorded Gross Absorption of 4.4 Million sq ft in H1 2019, 28% Lower Than H1 2018: Colliers International India

Bengaluru, Chennai, and Hyderabad Recorded Gross Absorption of 14 Million sq ft in H1 2019: Colliers International India

Mumbai and Pune Recorded Office Gross Absorption of 5.9 Million sq ft in H1 2019: Colliers International India

Industree Foundation Awarded the White House-led W-GDP Grant Through USAID

High Court of Bombay Drops Charges Against Gaurang Doshi in 'Wilful Breach of Court Order' Case

Sociowash Bags the 'Marketing Agency of the Year' Award, Rubeena Singh Wins the 'Marketing Influencer of the Year' at mCube 2019

China's Lvliang explores path for high-quality, clustering development of coking industry

ZorroSign - One of the Pioneers in Global Electronic & Digital Signature Launches in India

Artprice100(C): The Art Market's Blue-chip Artists Yield Nearly as Much as the Top Performing Companies in the American Economy

NTT DATA Presents the Future of Digital Acceleration

NeoNiche Organises Largest IT User Event in Indian History - AWS Summit Mumbai 2019

Family Nest Real Estates Pvt. Ltd. Bagged the High Flyers Award in London

YAO Network Makes BaaS 3.0 a Reality

Lifestyle Interventions Provide Maximum Memory Benefit When Combined; And May Offset Elevated Alzheimer's Risk Due To Genetics, Pollution

Bollywood Superstar Mr. Sanjay Dutt Becomes a Brand Partner for India's Largest Sales-as-a-Service Platform Avenue Growth

OPPO Continues Its K Series Journey With the Launch of OPPO K3

Nuvoco Wins the Golden Peacock Occupational Health & Safety Award 2019

OPPO Breaks Ground on New Chang'an R&D Center to Accelerate Global Innovation Strategy

World Bank Group's Agri Insuretech Challenge Awards Nine Entrepreneurs for Innovative Agriculture Solutions

International Arbitration Tribunal Rules It Has Jurisdiction to Hear Agility's Dispute with Iraq

Product Lifecycle Management Among Digital Technologies Expected to Revolutionize the Complex Processes of Discrete Industries

Redesigned TOEIC Bridge® Tests Continue Worldwide Rollout

First World Longevity Forum and Life Science Conference kicks off in Hezhou, S. China

The 5th Maritime Silk Road Port International Cooperation Forum commences in Ningbo, China

Infosys: Accelerated Double Digit Growth of 12.4%; Highest Ever Large Deal TCV at $ 2.7 Bn

OPPO Fortifies its Online Presence With the Launch of the New OPPO K3 by Partnering With Amazon

TruJet to Double its Fleet - Celebrates 4th Anniversary

Howzat Redefines the Fantasy League Landscape With Close to 1 Million Users

District Court Orders Snapdeal to Restrain From Sale of Casio Products

Old vs New: State of Central Business Districts in Mumbai

Tata Institute of Social Sciences - School of Vocational Education Invites Applications for its July 2019 Batches

Shell India and VisionSpring to Make Driving Safer

Vedanta, Yes Bank and MonetaGo Join Forces to Pioneer Digitalization in India's USD 500 Billion Commercial Paper Market Using Blockchain Technology

Freedom Healthy Oil Embraces the Idea of #FreedomtoChoose

JA Solar Supplies Modules for the Largest PERC Bifacial Double-glass Solar Power Plant in South Korea

Microsoft announces investments to broaden opportunities for partners

Thailand's advances in UN SDGs seen boosting investment competitiveness

Charkit acquires Custom Ingredients, adding custom blending capabilities to the LBB Specialties portfolio

Royal Paris Announces the First-of-Its-Kind and Most Luxurious Coffee Maker in the World

LuxFLAG Environment Label for ThomasLloyd SICAV - Sustainable Infrastructure Income Fund (SIIF)

Madam Grace Pinto, MD, Ryan Group of Institutions Received a Doctorate Degree From Karunya Institute of Technology and Sciences, Tamil Nadu

Chitkara University to Host Virtual Rounds for BAJA SAEINDIA 2020, on July 12-13

Virtuozzo Announces Updates to Next-Generation Hyperconverged Infrastructure Solution

SMT Announces CE* Mark for the Most Deliverable Stent Supraflex Cruz

Self Storage India Continues Expansion With its New Noida Facility

Avon Foundation for Women announces new funding for Vital Voices, marking a ten-year partnership aimed at ending gender-based violence

Frost & Sullivan Recognizes Disruptive Industry Leaders with its Best Practices Awards

Crisil Assigns A+ Rating to Micro Housing Finance Corporation Limited

Crisil Assigns A+ Rating to Svatantra Microfin Pvt Limited; Outlook Stable

Peshmerga Forces who Secure the High Tension Borders of Kurdistan, now Have an Indian Connect

WĂĽrfel KĂĽche Enters Complete Home Furnishing and Interior Solutions, Launches WĂĽrfel Living in Bengaluru

Aankhen Producer Gaurang Doshi Looks to Enter the Digital Scene

NetLinkz Ltd (ASX: NET) announces it has signed a MOU with iSoftStone to establish a joint venture company in China to distribute and sell products developed from the Beijing IoT Lab.

Asian Economies Benefiting From US-China Trade Tensions Amid Vulnerable Global Economic Outlook, Says PwC

Forest City Malaysia Completes New Homes, Introduces Connected Smart City Experience

Casting a Glance Into the Future of Mobility: thyssenkrupp Shows Ropeless MULTI in the German Pavilion at EXPO 2020 Dubai

Glenmark and Torrent Sign Licensing Agreement for Co-marketing of Remogliflozin Etabonate in India

AutomationEdge Recognized in the 2019 Gartner Magic Quadrant for Robotic Process Automation Software

iSON Xperiences Commended by Frost & Sullivan for its Rapid Growth in the African BPO Market

ASM Group Announces Exclusive Rural and Agribusiness Management Courses

Retrica Releases Season 2 With Improved UI/UX Usability

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Priyanka's detention: Maharashtra Congre...
Lok Sabha bill to allow Centre to fix te...
Physically challenged boy clears NEET af...
MP Assembly row over absence of top cop...
We are children of sages, not monkeys: S...
Telangana: 13-year-old boy commits suici...
More...    
 
 Top Stories
PSBs to digitally enable 1 district... 
Lok Sabha bill to allow Centre to f... 
Bills to check illicit deposits, em... 
Priyanka detained in UP, refuses to... 
Holy cows different from commercial... 
China space lab re-enters earth atm... 
Karnataka: IMD issues red alert for... 
Two arrested for raping foreign nat...