Deal4loans, a startup that helps customers understand different loan products in the market and help them make the right decision, has today announced that it has received investment from high profile investors.
The investors who’ve participated in this round includes the likes of Ram Sriram, Neeraj Arora and Puru Vashishtha.
Founded in July 2008 by Rishi Mehra, Amitoj Sethi and Wribhu Tyagi, Deal4loans (D4L) helps customers understand different loan products in the market and the difference between them, ultimately helping them make the right decision of purchasing the required loan.
Currently, the Delhi-based company is offering six types of loans – personal loan, home loan, loan for vehicle purchase, loan against property, education loan and credit cards.
Deal4Loans is fundamentally transforming access to financial products and improving choice for the consumer by leveraging technology. Deal4Loans’ deep technology edge and algorithms attracted me to invest in the company. Digitization of banks is a reality that Indian banks will have to adapt to. This is a big market opportunity to reach new consumers and banks will need a technology partner of the caliber of Deal4Loans to help them move to new Digital Banking age.
said Ram Shriram.
Deal4loans calls itself a core data science and technology company whose proprietary algorithms enable it to cost effectively acquire customers and match make them with the most suitable product as per their profile. It offers completely independent loan comparison service.
Deal4Loans has already clocked close to 600K customers. As per the company, its customer base is millennials, with 95% of its customer base in the 24 to 39 age bracket. Its also claims to have very high repeat customer rate of up to ~40% for certain products.
Commenting about this funding round, Rishi Mehra, CEO of the company, said,
We are very pleased to welcome our high profile investors and new board member to Deal4Loans. Their involvement will significantly help drive our success. With proven expertise in business and technology, their broad global perspective is helping us to design and enhance systems to enable a billion Indians to achieve their dreams by applying for loans online, in an efficient and user friendly manner.
Investor Ram Sriram is a serial entrepreneur and has worked closely with Jeff Bezos when Amazon acquired Junglee. He was also an early member of the executive team of Netscape. He is one of the first investors in Google, a founding board member of the same and has also invested in InMobi.
Neeraj Arora, who was the business head of WhatsApp, has participated in this round along with Samir Sood through VH Capital. Neeraj played important role for the growth and acquisition of WhatsApp. He is also a board member of PayTM.
Puru Vashishtha, who is a Stanford alumni, was previously an investor on Wall Street hedge funds. As a part of this funding deal, Puru has moved his base to India from Palo Alto in order to join the Board of Deal4Loans. He will work closely with Rishi Mehra, founder and CEO of the company to help steer the next stage of hyper growth for the company.