The Noida, Uttar Pradesh, based P2P lender raised the amount from undisclosed angel investors as it seeks to enter into the growing Indian P2P space. The raise follows the RBI's release of a consultation paper that provided further clarity on its view regarding P2P lending.
The additional funding should help i2iFunding qualify if necessary. Speaking to the Economic Times, Vaibhav Pandey, CEO of i2iFunding stated; “This round of funding gets us to a comfortable position in terms of the capital requirement that has been set out by the RBI,” said Pandey. “To expand into the MSME portfolio, we need to hire fresh talents in the field of technology and get consultants to ensure that our credit evaluation methodology for the self-employed and businessmen is robust and full proof.”