In brief: India microlending platform nets $12.5m to grow market presence

• India fintech lending platform Ziploan, which provides microloans to small and medium-sized enterprises, has raised 900 million Indian rupees (US$12.5 million) in its series B round led by venture capital firm SAIF Partners.
• Existing investors Matrix Partners India, Waterbridge Ventures, and Whiteboard Capital also participated.
• The platform plans to use the money to solidify its presence in the cities where it operates, in addition to developing its tech and growing its sales team.
• Ziploan co-founder and CEO Kshitij Puri claims that the company has managed to “scale up its business [tenfold] in last 12 months and disbursed 1.5 billion Indian rupees (US$20.9 million) [via] a quality loan portfolio.”

Source: Economic Times

Currency conversion from Indian rupees. Rate: US$1 = INR71.50