Digital lending startup Ziploan raised about Rs 20 Cr funding from WaterBridge Ventures through its trust Vistra ITCL (India) where existing investors Elevation Capital, Whiteboard Capital and Matrix Partners India also participated in this round.
Ziploan provides collateral-free short term loans to medium and small and medium enterprises (MSMEs). The loan amount provided by the startup ranges from Rs 1 Lakh to Rs 5 Lakh for a time period of 6-24 months. The New Delhi-based company has partnered with IDFC First Bank, IndusInd Bank, Northern Arc, MAS Finance and Caspian Finance to offer loans.
The company last year, said that it plans to use the capital for developing its business and expanding its offerings in the cities where it is already present. Currently, Ziploan services are available in Delhi NCR, Mumbai, Indore, Lucknow, Dehradun and Jaipur. The funds will also be used to ramp up its tech and sales team.