Mumbai, Apr 18 (KNN) P2P lending marketplace PaisaDukan.com has announced a secured seed funding of USD 650K through Angel funding route. The fund will be used for marketplace platform and mobile app development.

PaisaDukan.com is a P2P Lending marketplace solely owned by Mumbai based FinTech start-up BigWin Infotech.

Commenting on the development, Rajiv M Ranjan, Founder & CMD PaisaDukan said, “Our mission is to provide a world-class platform for borrowers and lenders that will empower and set new standards bringing a comprehensive portfolio carrying unparalleled products to fasten our services. We are coming up with own proprietary credit risk management tool to cater all sections of society.”

P2P lending is one of the most innovative products of recent time; India has a huge potential and is poised to flourish in 2018. According to various market reports, India is poised to be a USD 4-trillion economy by 2022, of which USD 1-trillion would be digital economy.

“We are deeply inspired by ‘Digital India’. Our vision is very clear, we aim to serve India’s traditionally underserved populace, and our target audience consists of consumers who find it difficult to secure a timely loan from banks or any other financial institutions. Also, we are not limited to basic lending operations, we are expanding our services into certain areas where financing institutions don’t foray into, we will be catering to tier 2, tier 3 and rural locations to bring investors and borrowers together,” said  Ambar Kasliwal, Co-Founder & Director, PaisaDukan.com.

The NBFC sector in India has grown significantly during the last few years and has become an important segment in the financial sector contributing to almost 10 per cent of the total assets of the financial sector.