Online Lending Startup Qbera raises $3 million in Funding from Essel Group unit

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Qbera

Online lending startup Qbera has raised $3 million in a funding round. The funding round was led by E-City Ventures. E-City Venturess a subsidiary of Essel Group.

The startup will use the fresh capital for ramping up its technology and analytics capabilities. It will also use the capital for expansion of its team across functions, scaling its business and increasing its geographical presence to more parts of the country.

“This funding by E-City Ventures is a huge milestone for Qbera, which further bolsters our position as one of the fastest-growing alternative lending platforms in India. Moreover, it emphasises the impact of our diverse lending solutions targeted to help salaried consumers across various segments and geographies access affordable credit in a convenient and stress-free manner. We are thankful to the entire team at E-City Ventures, whose faith in our vision will undoubtedly help us in collectively achieving our goals, especially as an integral part of the financial services ecosystem which they are building. This will enable us to further accelerate our business operations and set the stage for Qbera to establish itself as a leader in the digital lending sector for consumers in time to come,” said Aditya Kumar, Founder and Chief Executive Officer, Qbera.

“We are very excited about our investment in Qbera and believe that it shall adequately serve customers, currently relying upon inefficient and expensive means of financing, through its lending partners. 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,” said Atul Goel, MD, E-City Ventures.

Qbera was founded by Aditya Kumar and Anubhav Jainn in 2015. It is an online lending startup. It offers digital, quick, hassle-free personal loans to people when they need them.

It is a managed marketplace for unsecured personal loans that leverages tech-enabled acquisition, underwriting and loan processing capabilities to offer credit products co-created with banks that are part of Qbera’s multi-lender network. Such origination of assets against a bank’s liabilities is performed in a hybrid lending model wherein Qbera shares some of the risk with the bank.

Source: Techstory

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