Bengaluru-based digital lending startup Qbera has raised around ₹21 crores ($3 million) in an all-equity round led by Mumbai-based E-City Ventures, a subsidiary of Essel Group.
This round marks the startup’s first institutional fundraising since its inception. Bengaluru-based CreedCap Asia Advisors acted as the financial advisor to Qbera for the transaction.
The funds raised will be used to boost its technology and analytics capabilities, along with scaling business, expand the team and expand geographical outreach.
Qbera was founded by Aditya Kumar and Anubhav Jain in 2015. The fintech startup provides a technology platform to enable salaried individuals to secure quick hassle-free loans ranging from ₹50,000 to ₹25,00,000.
“We are as of now available in eight cities presently, and will now going to expand business to some of the new cities like Patna, Chandigarh, Indore and Bhopal,” said Qbera founder Aditya Kumar. “We are currently getting around 10,000 loan applications per month. The target is to scale up to 50,000 people in the next set of 12-18 months.”
The lending startup disburses loans through banks and other financial institutions like Kotak Mahindra Bank, RBL Bank, and Induslnd, among others. It acts as an intermediary between banks and its registered borrowers.
So far, the fintech startup claims to have disbursed around ₹50 crores, with an average ticket size of ₹2,00,000 and an average tenure of 32 months, according to the startup.
Qbera is looking to grow its loan disbursal run rate from about ₹100 crores to around ₹400 crores per year by the end of next financial year.
Other players in the digital lending segment competing with Qbera include MoneyTap, Capital Float, LenDenClub, Lendingkart, FlexiLoans, ZipLoan, Aye Finance, among many others.
Earlier this month, fintech startup Kissht raised ₹216 crores in series C round. Microlending startup Upwards secured ₹36 crores in series A funding led by Shunwei Capital and another credit lending startup Bon raised ₹7.8 crores in seed fundingled by Omidyar Network.