About the Start-up
Q) Whats’ your address on the web?
Q) What problem your Startup solving? or planning to solve?
A) Many individuals looking to borrow today do not have access to credit at reasonable interest rates. There are multiple reasons for this. Banks offer loans to individuals who meet their lending criteria, which mainly encompasses of working in top 300 companies, having atleast 2 years of income and high minimum income criteria. Sometimes, banks look for guarantors before offering loans. This results in many individuals not having access to loan or worse, access to loans but at higher interest rates. This also excludes the large number of individuals who have just passed out of college and into their first jobs.
i-lend being a online lending marketplace allows individual borrowers to connect with individual lenders and enable a transaction between them at interest rates that are beneficial to both parties.
Q) How does it benefit the end user?
A)i-lend is an online marketplace lending platform connecting creditworthy borrowers with individual lenders to enable a financial transaction between them. i-lend combines traditional lending practices with social networking to create the platform where borrowers and lenders transact. Borrowers benefit from lower rates and lenders get higher returns with optimized risk. Borrowers can get loans from Rs.25,000 – 5,00,000 for a maximum period of 2 years. The minimum interest rate offered is 12%. Lenders can offer starting Rs. 10,000 and can lend to multiple borrowers.
Q) Is there any unique feature in your startup? Which differentiates you from rest of all.
A) i-lend is
India’s first peer-to-peer lending platform
that connects borrowers and lenders online to enable a financial transaction between them. I-lend aims to democratize the loan process while offering a new asset class to lenders that gives them returns on a monthly basis.
Our process also includes verifying borrower credentials online in a few minutes (we are the only ones to do this today), assess borrower creditworthiness both through their financial history as well as social score before listing them on the marketplace.
Q) What is the current state of your start-up?
A) i-lend has been operational for last 18 months and have done loans close to Rs. 90L. We have been operational in Hyderabad so far and plan to open other cities in India soon
Q) How many Jobs your start-up created till to-date.
A) Being a start-up, we are a lean team of 7 members and plan to build our team to 65 members in the next 3 years
Q)What business Domain/ Industry vertical your Start-up is focused on?
A) P2P Lending, Alternate Finance, FinTech
About the Founders
Q) Where did you get the idea?
A) i-lend was started with the idea of leveraging technology to offer credit to individuals who are being missed out by traditional financial system due to their operating framework constraints. With more than 70% of the urban population stills struggling to get access to credit at reasonable interest rates, P2P lending offers unique solution whereby the demand is met by individuals lenders looking to get better returns on their idle money.
While Banks address the needs of the individuals meeting their strict eligibility criteria and Microfinance working in the rural space, the middle segment i.e. individuals working in smaller companies but otherwise creditworthy find it challenging to get credit at reasonable interest rates.
Q) Founders profiles
Q) Where is your start-up located?
Q) i-Lend on Linkedin
About the Technology
Q) What Technology Stack do you use?
A) We currently use PHP and MySQL
Q)Do you use Open-Source Technologies?
A) Yes we use MySQL server and PHP.
Q) What technology stack do you recommend for new entrepreneurs?
A) PHP and MySQL
Q) What inspired you most to start-up? Was the technology? Was the idea? was it the problem?
A) I have been an entrepreneur before when I started India’s first indigenous Point-of-sale (POS) unit. With my background in entrepreneurship and Technology, I strongly believe that technology can be leveraged in various fields to offer better products and solutions to customers. In my previous stint I had worked closely on Financial inclusion and during my research I knew that the problem of credit was not just restricted to rural India. A large population in urban India also did not have access to credit at reasonable interest rates. This is when I decided that P2P lending will help deliver credit using technology.
About the money
Q) How did you pool up $$$ to get started/ build a MVP (Minimum value product)?
A) I have bootstrapped until we had a proof of concept and then we were able to raise a Seed round.
Q) How did you guys/girls overcome the problem of Chick first egg first (Product first or Investment first)?
A) Since we are leveraging technology as a medium to offer solutions to our customers, we were very sure that a proof of concept was essential before we started looking for investment. Once we had POC, we raised our seed round quickly.
Q)Are you looking for any more funding? Do you want investors to contact you? How to contact you?
A) We are currently looking to raise money. Investors can email us here