Apnaloan.com, an online marketplace for personal finance, is in talks with venture capital funds Chrys Capital, Intel Capital and Sequoia to raise up to $15 million, a source close to the deal said. For Sequoia, this would be the second investment in the company, after the first tranche of $2.2 million earlier this year.
Apnaloan plans to use fresh funds in technology innovation and marketing. Now re-christened ALC India from the previous Apnaloan.com India, the company seeks to provide an easier and customised means of raising loans and buying credit cards.
For lenders such as State Bank of India, ICICI Bank and Standard Chartered Bank, it helps cut down transaction costs and widen the reach. The company now plans to deal in insurance products and is in advanced talks with Tata AIG and ICICI PruLife for partnership.
Apnaloan founder and chief executive officer Harsh Roongta said he hopes to launch insurance-related services by the end of January. “We would look to provide services in health, auto, travel and life insurance,” he added.
Via-The Econamic Times
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