SwitchMyLoan Secures Pre-Series A Funding for Tech-Based Loan Aggregator Platform
- ByStartupStory | August 22, 2023
Mumbai-based lending aggregator, SwitchMyLoan, has successfully closed its pre-Series A funding round, with prominent participation from investors such as O2 Angels Network, Rajesh Ranjan, Dr Jaydeep Thaker, and more. The startup plans to utilize the funds for technological advancements and expanding its business footprint.
SwitchMyLoan, founded in March 2021, operates as a tech-based loan aggregator platform aiming to simplify and personalize the loan process. Co-founders Chintan Panchmatiya, Himanshu Panchmatiya, Hemali Bhatt, and Raj Kariya identified gaps in the retail lending sector, particularly in the mortgage market, and envisioned a digital solution to address these issues.
The startup offers a range of loan products, including home loans, loans against property, business loans, personal loans, auto loans, loans against securities, and education loans. Its AI-based self-assessment tool assists customers in obtaining real-time loan offers based on their personal and income details.
SwitchMyLoan differentiates itself by providing end-to-end fulfillment services, in addition to lead generation, setting it apart from competitors like Paisabazaar and Bankbazaar. The startup currently operates with over 120 employees across multiple locations in India.
Chintan Panchmatiya shared the company’s future plans, including becoming an NBFC (Non-Banking Financial Company) and co-lending with banks as per RBI regulatory guidelines. The startup generated approximately Rs 6 crore in revenue during FY23 and aims to further expand its presence and services in the coming years.
Follow Startup Story
Related Posts
