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Loantap, a Pune-based digital lending platform has raised $6.2 million in fresh equity funding led by July Ventures.
The round also saw participation from existing investors 3one4 Capital, Avaana Capital, Kae Capital and the Swapurna Family Office.
The company has now raised about $26 million in total, including $2.3 million in venture debt from this round.
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This funding comes at a time when digital lending is going through a tough phase, with stricter regulations and banks and big finance firms being more cautious.
“We have stopped doing balance-sheet based consumer loans. We are only sourcing consumer loans for our NBFC partners and are primarily focused on small merchant loans,” said Satyam Kumar, cofounder of Loantap.
Kumar said the company’s consumer loan book, which partner lenders now handle, is around Rs 350 crore.
“We are currently disbursing around Rs 600 crore in loans annually, with about 50,000 active retail customers. Our target is to reach Rs 900 crore in disbursements by FY26,” Kumar added.
About Loantap
Founded in 2016 by Satyam Kumar and Vikas Kumar, Loantap has shifted its focus from consumer lending to supporting small businesses like pharmacies and local stationery shops.
Vikas Kumar, who was Loantap’s chief technology officer, sadly passed away in an accident in Bengaluru on April 30. The company now plans to promote a senior executive as cofounder and choose a new CTO from its current tech team.
It now focuses on giving credit lines to small retailers, mostly those earning under ₹20 lakh a year. These credit lines help them pay their distributors. The company uses short videos and social media to reach these merchants and is active in 26 cities.
Over the last two years, it has greatly reduced its unsecured consumer loans. In FY23, its loan book was ₹340 crore at its peak, but that amount has now been cut in half.
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