Global investment institution Lighthouse Canton led the venture debt funding round of Rs 15 crore in LoanTap through its venture debt fund, a Category – II Alternative Investment Fund (AIF). Lighthouse Canton provides debt capital to technology-enabled start-ups across India, through the fund.
As part of the funding, LoanTap has received one of the first cheques for its digital lending platform, LTFLoW.
The AIF is part of Lighthouse Canton’s Southeast Asia & India venture debt strategy. The AIF has a capacity of Rs 550 crores and a greenshoe option of additional Rs 550 crores, and it successfully reached a first close of Rs 155.4 crores earlier this year.
Pune-based LoanTap Financial Technologies (LFTPL) offers end-to-end lending through LTFLoW–its module portfolio platform. In a statement, the company has claimed that the AI-driven platform has been adopted by more than 30 e-commerce sourcing patterns. The company has more than 10 LTFLoW clients like some of India's major banks, non-banking financial companies (NBFCs), payment platforms, and ERP solution providers catering to roughly two million micro, small, and medium-sized enterprises (MSMEs).
Till now, LFTPL has facilitated loans worth Rs 1700 crores for its subsidiaries and technology clients. They have two RBI-registered NBFCs subsidiaries that offer tech-driven credit solutions to salaried professionals and MSMEs in the personal finance, supply chain invoice financing, and electric two-wheeler (e-2W) categories, the statement reveals.
Satyam Kumar, Co-founder and CEO at LoanTap, said, "It’s our pleasure to have Lighthouse Canton on board in our growth journey, and excited for the passion resonated by Ankit Agrawal and Sanket Sinha in the potential of LTFLoW platform in delivering the digital credit solutions in India."
Ankit Agarwal, Director of Venture Debt at Lighthouse Canton, said, “We are excited to be a part of the debt round in LoanTap. Solutions offered by their LTFLoW platform have been helping MSMEs and retail customers to avail of loans. The platform is gradually modernizing lending processes and we are looking forward to supporting the company's growth objectives through our venture debt strategy.”