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Gurgaon, India based small business lender Loan Frame has raised $2.25m in Series Seed funding led by Vedanta Capital. Loan Frame provides a range of products to small and medium-sized businesses (SMBs), including secured and unsecured loans worth Rs 5 lakh-50 crore. It uses machine learning algorithms to assess, validate, verify and match SMBs with the right capital.
Loan Frame was founded by Shailesh Jacob, Rishi Arya, and Akshun Gulati in 2015. Jacob was previously part of the core management team at financial research and analytics firm Copal Partners, which was backed by investors such as Deutsche Bank, Bank of America Merrill Lynch and Citigroup. It was later acquired by Moody’s Corporation in 2011, making it part of Moody’s Analytics. Arya, who is CFO at Loan Frame, has previously managed investments at listed banks and NBFCs for Canara HSBC OBC Life, a fund with assets under management of over Rs 10,000 crore. Gulati, who takes care of corporate development, technology and innovation at the startup, was previously associated with ADM Capital, which invests in distressed and special situations debt of medium-sized Indian businesses.
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