Online lending platform Ziploan, which provides unsecured loans to small business, has raised a total sum of Rs 20 crore in equity fundraising, led by Matrix Partners. This also saw the participation of existing investors like Waterbridge Ventures and Whiteboard Capital.

Planning to Expand its Area in Tier-II Cities

Ziploan is planning to expand its area of operation from this fund. “We were operational in Delhi and started the business recently in Indo re. We plan to expand to other tier-II cities over the next one year and build a Rs 200-crore loan book within that time, “said Ziploan’s co-founder Kshitij Puri.

Attaining a Run Rate of Around 50 to 60 Loans

In April 2017 Ziploan had raised a pre-Series- A round of Rs 4 crore and in August last year it has raised Rs 2 crore from Growx Ventures in a seed round. The firm has recently scaled up its business and attained a run rate of around 50 to 60 loans per month with a monthly disbursement of around Rs 2.5 crore.

The average interest rate for the moneylender floats around 20% every year with 0.5% of non-performing credits.