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Liquiloans, a Mumbai-based peer-to-peer lending startups, has announced that it has secured $1.68 million in its Series A funding round, led by Matrix Partners. The round also saw participation from Freecharge founder Kunal Shah, Renaissance Group chairman Abhishek Dalmia and Jitendra Panjabi.

The newly infused capital will be used by the company to establish itself as a trusted brand and build credibility in the market as a new peer-to-peer player.

Avnish Bajaj, founder and managing director, Matrix Partners India says that P2P lending is an emerging sector in India and the firm believes that it will play an integral role in shaping the Indian consumer credit market in the near term.

Achal Mittal, co-founder of Liquiloans, said:

We have received around Rs 10 crore from Matrix Partners and the remaining amount has been put in by a few investors in their personal capacity. With this fundraising and institutional backing, we will try to establish ourselves as a trusted brand and build credibility in the market as a new P2P player.

LiquiLoans was started early last year by Gautam Adukia and Achal Mittal, two of the four founders of home appliances and furniture rental marketplace RentoMojo. It facilitates personal as well as consumer loans and claims to make sure the amount is disbursed within 12 hours of its approval.

The company also says that it charges zero upfront fees and promises same-day approval. It has currently formed a team of 25 people, a majority of whom are in operations and technology. It is hoping for removal of regulatory limitations so that it can expand its business rapidly.

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