Secures Additional Seed Funding and Also Receives In-Principle NBFC-P2P Approval from RBI Secures Additional Seed Funding and Also Receives In-Principle NBFC-P2P Approval from RBI

Mumbai:, a P2P Lending marketplace owned by Mumbai based FinTech start-up BigWin Infotech announced second round of seed funding and secured USD 225K through angel investment. The company has raised USD 650K of seed funding last month that takes company to the total Seed investment of USD 875K till date.

The mother company, BigWin Infotech also received the grant of In-Principal approval by Reserve Bank of India for NBFC ( Non-Banking Financial Company) – P2P  under section 45-IA of RBI Act, 1934 to setup a Peer-to-Peer Lending Platform. Company is soon going to launch its Platform as for P2P Lending Transaction. Company is amongst the budding operator in the country to get the in-principal approval for NBFC-P2P.

As per the mandate from the RBI, Bigwin Infotech has to put in place the necessary technology platform and complete all legal/operational formalities so as to be ready for operations and report position of Compliance to RBI. The company shall commence its Market operations after the grant of Certificate of Registration from RBI.

Commenting on the recent funding, Rajiv M Ranjan, Founder & CMD of PaisaDukan said “Infusion of Additional Seed funding has showcased investors’ confidence on our platform, as well as on our operations management and business strategy. We have filed our application for NBFC-P2P in Dec 2017 and awaiting response from RBI. Our platform is ready to go live along with mobile app as soon as we receive Certificate of Registration (COR) of NBFC-P2P from RBI. The current round of funding will boost company’s progress and will help in hiring experienced key resources and expand our technology workforce.”

“We are also in discussion with couple of VCs who have shown interest for pre / ‘A’ series funding,” added Ranjan.

While talking about the in-principal approval for NBFC-P2P Ranjan said, “We are excited on receiving the in-principle approval. Investors’ have already showcased their confidence on our platform and business model. Now our priority is to complete all the technical and legal formalities at earliest to receive the Certificate of Registration (COR) of NBFC-P2P from RBI to get functional.”

“Our platform is ready and we are going to launch our marketplace along with mobile app shortly”, added Ranjan.