NewsVoir | 21 Aug, 2017
Paisabazaar.com, Indiaâs No. 1 Loans and Cards Marketplace, announced today that it disbursed unsecured loans to 244 cities and towns across India last month. Till last year, Paisabazaar.com disbursed loans to around 90 cities.
Paisabazaar.com said 27% of unsecured loan applications on its platform come from Tier II and Tier III cities. These range from Gorakhpur (UP), Muktsar (Punjab), Nanded (Maharashtra), Bhuj (Gujarat), Dewas (Madhya Pradesh), Beawar (Rajasthan), Karur (Tamil Nadu) to Jharsuguda (Odisha), Kohima (Nagaland), Jagdalpur (Chhattisgarh), Kokrajhar (Assam), Begusarai (Bihar) and Pathanamthitta (Kerala).
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, âWhile the smartphone proliferation and easier access to internet are two big reasons behind the expansion of our geographic reach, we have also paid special focus to non-metro cities. It is the residents from smaller towns and semi-urban areas who are in dire need of awareness around personal finance. All our brand campaigns on mass media speak an easy to understand language and have been devised to simplify and demystify personal finance. Slowly, but surely, the semi-urban areas too are catching up with the whole concept of âcomparing before buyingâ. As they start realizing how easy, convenient and quick lending can be through our platform, our reach will only deepen with time.â
âIn July, over 5000 people from 244 locations were provided loans from our platform. The number of cities and towns from where people applied for loans was even bigger. By next year, we plan to reach 20,000 customers a month from 600 locations across India,â he added.
Gaurav Aggarwal, Associate Director & Business Head, Unsecured Loans, Paisabazaar.com, said, âOur Personal Loans are growing at 3X annually. Over the last two years, we have seen a big rise in personal loan enquires on our platform. This surge is largely due to penetration in smaller cities and the sharp increase in the use of mobile. Today, 65% of our customers use our platform from mobile, as compared to 45% last year. In fact, in smaller cities and towns the mobile usage is significantly higher than desktops.â
Paisabazaar.com was the only online financial player to disburse loans worth Rs. 2500 crore last year, 60% of which were unsecured loans. By the end of this financial year, it aims to hit an annualized disbursal of Rs. 6000 crore.
Paisabazaar.com is India's largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers.
Paisabazaar.com currently partners with more than 60 partners across lending and investment categories with 100+ products on offer.
Since its inception in early 2014, the company has marked a staggering growth and now has over 33 million visitors coming to its website each year.
It is the only financial player to disburse loans worth Rs 2500 crore worth in a financial year (2016-17)
The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs 25000 crore by 2020.
The portal has been conferred with Economic Times "Best BFSI Brand Award", Money Tech âStartup of the Year and Money Tech âBest Customer Experience Innovationâ in the last one year. Apart from this, Paisabazaar.com has been recognized as an âEmerging Brandâ at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.
Paisabazaar is part of Policybazaar group, India's largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest, Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company.