Chennai, NFA Post: Loanwalle.com, which provides loans to salaried individuals, has announced its foray into the Chennai market. The fintech startup will also invest Rs 50 crore, specifically in Chennai, as it is a key potential market.
The company entered the Chennai market after the market analysis results depicted the need for instant loan services catered by the company.
As per the analysis, the recent estimate of the economy of the Chennai Metropolitan Area has ranged from $79 to $86 billion (PPP GDP), and is ranked as the third-highest by GDP per capita.
Chennai has a major economic base dominated by software services, automobile, medical tourism, hardware manufacturing and financial services. Apart from these, the other important industries include petrochemicals, textiles and apparels. The Chennai Port and Ennore Port contribute massively to its importance. Moreover, Chennai possess a computerised stock exchange called the Madras Stock Exchange. Subsequently, the aforementioned reasons make the city a potential region for startups like Loanwalle.com, the company release said.
The company caters to the salaried segment, by fulfilling their need for instant loans to cover emergency situations at home or outside. Being one of the largest industrial and commercial centres of South India; Chennai has a significantly large number of salaried employees and promises substantial potential for those looking for services offered by fintech startups, the company said.
Going beyond the tedious waiting periods and speeding up the process of instant loan approval, the customer gets the funds transferred in just 15-20 minutes.
Commenting on the growth prospects in Chennai, Sachin Mittal, Founder, Loanwalle.com said, “Chennai is a very important market down south. Following the results of our market research, we analysed that the market has an unexplored potential for fintech services like ours, hence we decided to set up our operations here.”
Mittal added, “We intend to invest Rs 50 crore in the next fiscal year, especially in the southern market. Our services will also be available in Tier II and III districts of Chennai.”
The company uses data-driven algorithms to help people with instant loan requirements to meet emergency situations. It uses an advanced technology system to simplify loan application processes as well as the sanctioning process to allow loans to reach faster to the customer. The app underwrites loan using banks and CIBIL analyser, data in phone, text, social media connections to determine credit- worthiness.
Incorporated in 2018, Loanwalle.com already has offices in Delhi, Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata, and is speedily spreading its wings in the remaining parts of the country. The fintech startup plans to grow by 200% by 2020.