Faircent takes $1.5m for Indian peer-to-peer loans

Peer-to-peer lending firm Faircent has raised $1.5m in a Series B round of funding. The financing for the Indian online lender comes from Brand Capital the investment arm of media conglomerate, Bennett Coleman and Co.

The company’s CEO Rajat Gandhi highlighted the role Brand Capital and its parent firm can play in growing the startup’s brand as it seeks to bring a greater awareness of alternative financing to the Indian market.

Faircent says it’s attracted more than 6,000 registered lenders and 26,000 borrowers since its launch in 2014. The platform has facilitated around $970,000 in loans to date.

The company took on four rounds of funding previously, with Aarin Capital and JM Financial investing in undisclosed rounds.

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