PaisaDukan

Last updated

PaisaDukan
TypePrivate Company
Industry Financial services
FoundedNov 2017
FounderRajiv Ranjan (Chairman and Founder)
Headquarters Mumbai, India
ProductsPeer-to-peer lending
Number of employees
20
Parent BigWin Infotech Mumbai
Website https://www.paisadukan.com/

PaisaDukan is an India-based peer-to-peer lending marketplace which operates digitally to emerge as an alternate way of carrying out financial activities. [1] [2] It is owned by BigWin Infotech Private Limited. [3] It started its commercial operations in July 2018. PaisaDukan became the first company to receive an In-Principle approval from the Reserve Bank of India. [4] [5] [6]

Contents

History

PaisaDukan was founded as peer-to-peer lending platform in November 2017. [7] [8] [9] It was founded in Mumbai by Rajiv Ranjan and by the parent company BigWin Infotech Private Limited. [10] They raised a total of USD $825,000 from seed funding with USD $650,000 in April 2018 and $225,000 in May 2018 respectively. [5] [11] [12] [13] [14] [15] [16]

Business

The business model of PaisaDukan is based on peer-to-peer lending marketplace, where it handles the servicing of a loan on behalf of matched borrowers and lenders. [17] [18] [19] PaisaDukan.com facilitates loans from ₹5,000 (five thousand Rupees) to ₹10,00,000 (ten lakh Rupees).

The main aim behind bringing or creating peer-to-peer marketplace or business environment is to bring and create business opportunities for one and for all. Now, it includes everything - Right from deciding a brand name for your business model to purchasing/renting a new property for your business to execution of the business plan.

However, after guidelines from RBI, only a maximum of ₹50,000 (fifty thousand Rupees) can be financed by an individual investor to an individual borrower where he can maintain a portfolio of INR 10,00,000. [20]

Corporate Identity

The company’s main office is headquartered at Udyog Bhavan, Goregaon East, Mumbai. [21] As part of their PAN India expansion, they are launching 2 more branches in Noida and Bangalore. [22]

Recognition

BigWin Infotech Private Limited got an In-Principle Approval from RBI to set up peer-to-peer lending operations as a Non-Banking Finance Company – P2P on 8th May 2018. [4] [5] [6] [23] This announcement was an outcome of the landmark step taken by RBI to regulate the P2P lending sector with guidelines released in October 2017.

BigWin Infotech Private Limited got an approval in a quick span of 55 out of the allotted 365 days.

After upgrading company’s regulatory and operational infrastructure to meet with the standards expected by the RBI, BigWin Infotech received a Certificate of Registration (CoR) in June 2018 to launch its financial platform – PaisaDukan.com. [24] [25]

They have been awarded the Fastest Growing Indian Company Excellence Award at the 11th on Global Business Opportunities on 29 September 2018.

They are ranked among top 30 emerging P2P companies from India. [26]

Related Research Articles

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References

  1. ↑ Nahata, Pallavi (3 August 2018). "Regulations Shrink India's Peer-To-Peer Lending Industry". Bloomberq Quint.
  2. ↑ Bhakta, Pratik (29 March 2018). "P2Ps are in a race to build 1st blockchain platform here". Economic Times.
  3. ↑ Singh, Abhinav (16 May 2018). "Peer-to-peer lending expected to see huge traction in India". The Week.
  4. 1 2 "BigWin Infotech gets P2P lending licence". The Economic Times. Economic Times. 9 May 2018.
  5. 1 2 3 "BigWin Infotech gets RBI nod to set up P2P lending platform". Hindu Business Line. 15 May 2018.
  6. 1 2 "Fintech startup BigWin gets P2P license from RBI, to launch Paisadukan.com". Medianama. 10 May 2018.
  7. ↑ Ghoshal, Anirban (16 April 2018). "Insurance consortium partners Cognizant for data sharing blockchain". Tech Circle.
  8. ↑ "ETtech Morning Briefing: Microsoft Ventures India plans, Alexa India strategy, Flipkart books & more". Economic Times Tech. 29 March 2018.
  9. ↑ "BigWin Infotech (PaisaDukan.Com) – The First FinTech Start Up As A New Entrant To Receive An NBFC-P2P License From RBI". The CEO. 5 July 2018.
  10. ↑ Singh, Abhinav (24 March 2018). "India has no legal framework to curb social media data breach". The Week.
  11. ↑ Sangwam, Sujata (7 May 2018). "P2P Lending Marketplace PaisaDukan Raises Additional Seed Funding of $225K". BusinessWorld Disrupt.
  12. ↑ Sunkara, Keshav (8 May 2018). "Angels back P2P lending platform PaisaDukan in second seed round". VC Circle.
  13. ↑ Anupam, Apurv (17 April 2018). "P2P Lending Platform PaisaDukan raises $650k in Angel Funding". Tech Story.
  14. ↑ Guru, Varun (27 August 2018). "List of top 10 P2P lending startups in India". Indian Wire.
  15. ↑ Chaudhary, Suman (13 August 2018). "Digital Lending Startup HappyEMI Gets $1 Mn From AJ Ventures and JAN to Disrupt PoS Consumer Lending in India". Indian Web 2.
  16. ↑ J, Anand (22 May 2018). "P2P lending startup Cashkumar secures angel investment". VC Circle.
  17. ↑ "BigWin Infotech expects to start ops in P2P lending biz from". Outlook India. 28 December 2017.
  18. ↑ "BookMyParts partners with FinTech startup PaisaDukan". India Infoline. 27 August 2018.
  19. ↑ "PaisaDukan.Com: Poised To Rebuild Indian Credit And Investment Space With Unprecedented P2P Lending". Startup City. 29 March 2018.
  20. ↑ "Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on February 23, 2018)". 4 October 2017.
  21. ↑ "Providing right money to right people PaisaDukan.com". Inventiva. 30 June 2018.
  22. ↑ "PaisaDukan to open 2 branches in Noida and Bangalore". Zee Business. 22 June 2018.
  23. ↑ "Monexo Fintech Becomes the 5th Company to Get RBI Certification for NBFC – P2P". BusinessWorld Disrupt. 9 July 2018.
  24. ↑ "Lending platform BigWin Infotech gets NBFC-P2P certification from RBI". Medianama. 5 July 2018.
  25. ↑ "BigWin Infotech receives CoR from RBI". Hindu Business Line. 5 July 2018.
  26. ↑ Agarwal, Meha (8 June 2018). "Inc42 And IAMAI Release List Of 30 Emerging Fintech Startups In India". INC 42.
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