A digital lending platform for micro, small and medium enterprises, ZipLoan is raising another $3 million from existing backers Elevation Capital (previously SAIF Partners), Matrix Partners India, Waterbridge Ventures, and Whiteboard Capital.
The fresh capital appears to be an extension of ZipLoan’s Series B round led by SAIF Partners in February 2019.
Launched by Singhal and Kshitij Puril, ZipLoan offers unsecured business loans in the range of Rs 1 lakh to Rs 7.5 lakh over a period of 1-3 years. According to the company, it requires minimum documentation, and a business should have a turnover of Rs 10 lakh and operational of at least 2 years to avail of the loan.
ZipLoan is an NBFC license holder and has partnered with lenders, including IDFC First Bank, IndusInd Bank, and Northern Arc. It offers loans across 15 cities (majorly North India) and Bengaluru.
Over the past three-four years, the micro-business financing segment has been overcrowded with many platforms offering similar services. Notable platforms in the segment include Indifi, Aye Finance, Capital Float, among several others.