Debt

Debt financing

Digital lender LoanTap secures $2.9 M from Lighthouse Canton

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Pune-based LoanTap Financial Technologies Pvt Ltd, which operates a digital lending platform, has raised USD 2.9 million (INR 24 crore) in a debt funding round led by venture debt fund Lighthouse Canton. Founded by Satyam Kumar and Vikas Kumar, LoanTap offers loans and overdrafts to salaried professionals, earning INR 30,000 and above for tenures from six months to five years. The loans range between INR 50,000 and INR 10 lakh, and annual interest is between 15-24%. Additionally, it also provides credit solutions to micro small, and medium enterprises (MSMEs) in personal finance, supply chain invoice financing, and electric two-wheeler segments. The funds will be used to scale the firm's LTFLoW platform.

From the Venture Intelligence PE-VC Deal Database: Between Dec 16 and Sep 19, LoanTap had raised over USD 22 M from India Quotient, Kae Capital, Tuscan Ventures, Shunwei Capital, Avaana Capital, 3ONE4 Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)