This Mahindra Finance Backed P2P Loan Company Gets New Chennai Office Ready to Employ 10

RupeeCircle, the P2P lending company backed by Mahindra Finance, has announced the opening of its new office in Chennai, Tamil Nadu. The office, located on General Muthia Street in Sowcarpet. Speaking on the occasion, Ajit Kumar, Founder and CEO of RupeeCircle, said: “We are delighted with the official opening of our new office in Chennai, which has been chosen as a strategic location for two reasons. First, it is the hub of the auxiliary auto industries that will help us reach the salaried workers who are still underbanked or who may not have access to credit from traditional banks due to lack of funds. traditional credit imprints.

Over the past 4-5 years, the government of Tamil Nadu has successfully opened bank accounts for the multitude under the Pradhan Mantri Jan Dhan Yojana (PMJDY, a central government financial inclusion program). RupeeCircle plans to further financially include the unbanked and underbanked masses by making credit easily accessible. The branch will initially employ around ten people and will focus primarily on digital loan processing and collections. The organization’s core operations (including products, services and support) will continue to be led by its team in Mumbai.

“Second, a lot of our lenders are from Chennai, which will give us an operational advantage. Our research also suggests that the default rate in South India is comparatively lower, ”Kumar added. Speaking of the new location’s products and revenue estimates, Ajit Kumar added, “We will promote all of our existing products in the Chennai market and partner with companies to provide salary advances and short-term loans. term. And we expect about 20% of our annual disbursements from the southern region. We have always envisioned a pan-Indian presence and our latest office is just the start of our expansion strategy.

RupeeCircle was recently chosen to be part of the Bharat Inclusion Initiative – an inclusion initiative of the IIM Ahmedabad Incubation and Entrepreneurship Center. It’s yet another feather in the hat of the organization that was founded in 2016, but has grown into India’s most trusted P2P lending market. He achieved this feat by managing to keep defaults below 1.7% using a proprietary algorithm that measures around 2000+ borrower data points. RupeeCircle is also licensed by the RBI (NBFC-P2P) and is part of Oracle Global Startup Ecosystem.

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