Bestdealfinance, a portal that address the need of loans for small and medium level enterprises, has announced that it has secured $3 million Series A round of funding from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Capital.
The newly infused money will be used by the company to invest in technology infrastructure and customer support. It will also hire new people to strengthen its technology team.
Founded by Manavjeet Singh and Sandeep Nambiar in February 2015 with a vision to bring transparency, expertise and efficiency to an economically and socially relevant sector like Financial Services with the help of cutting edge technology.
The company offers a single platform to service multiple financial requirements ranging from Loans for cars, homes, personal needs to business needs. Since its launch, the company has received more than 6,000 applications for loan.
It offers ‘one-stop-shop’ for multiple financial requirements ranging from Loans to SME Advisory Services with its unique sales and service structure. It has collaborated with multiple banks & financial institutions as their partners.
Manavjeet Singh, co-founder and CEO of the company, said,
Our business model is disbursement focused. Our algorithm helps customers choose the best loan deal and our integration with bank systems enabling a fast and hassle free process
Banking market has been changing a lot over the last two years, so we plan to use technology and blend it with our sector expertise to help customers get loans.
We have helped disburse Rs 150 crore in loans till now and plan to reach Rs 1,000 crore in the next six months.
The company aims to disburse loans worth $1 billion by the end of Financial Year 2016, whose significant chunk would come from SME sector. It also plans to touch a customer base of over 5,00,000.