Indian lending start-up Qbera gets $3m funding
Bengaluru-based lending start-up Qbera has raised $3 million funding from Indian conglomerate Essel Group.
Another lendtech in India
Essel Group has a wide variety of firms under its belt in media, tech, packaging and education. In this round, E-City Ventures, a cinema exhibition and retail real estate business, made the investment.
Last year E-City invested in Finnovation Tech Solutions’s KrazyBee, an online installment store for students. That investment and this latest one clearly demonstrates E-City’s interest in the financial sector.
Something made clear by its MD Atul Goel: “This investment shall be a stepping stone for the formation of E-City’s financial services platform, which it intends to build in the coming years.”
Qbera will use the money to expand its business operations to other cities in India. The firm offers loan amounts from INR 50,000 ($692) to INR 2,500,000 ($34,500) and acts as an intermediary with banks such as Kotak Mahindra and RBL.
The Indian lending space is highly competitive and Qbera will need to play it cute to survive.
Some recent examples include digital start-up Kissht completing a $30 million Series C funding round; Google and several Indian banks teaming up; and Cochin-based start-up PaySpoon powering up.
