New Delhi based fin-tech start-up, Loanwalle.com that specializes in providing emergency loans at lightning speed to – salaried individuals today announced its expansion in Chennai, India. The company has istered Rs 50 crores, specifically for Chennai, as a key potential market.
Analysing the growth spurt in the online lending pattern obtained during the test launch phase in October last year, Loanwalle.com decided to enter Chennai. The market analysis results clearly depicted the need for instant loan services catered by the company.
As per their analysis, the recent estimate of the economy of the Chennai Metropolitan Area has ranged from US$79 to US$86 billion (PPP GDP) and is ranked as the third-highest by GDP per capita. Chennai has a major economic base dominated by software services, automobile, medical tourism, hardware manufacturing and financial services. Apart from these, the other important industries include petrochemicals, textiles and apparels. The Chennai Port and Ennore Port contribute massively to its importance. Moreover, Chennai possess a computerized stock exchange called the Madras Stock Exchange. Subsequently, the aforementioned reasons make the city a potential region for start- ups like Loanwalle.com
Sometimes a financial crunch can get really heavy on people. Although the amount required could be small, but the urgency of money is so immediate and urgent that the long queues and time consuming paperwork can cost someone a heavy loss. Catering to those strata of the society is Loanwalle.com.
The company caters to the salaried segment, by fulfilling their need for instant loans to cover emergency situations at home or outside. Being one of the largest industrial and commercial centres of South India; Chennai has a significantly large number of salaried employees and promises substantial potential for those looking for services offered by fin-tech start-ups.
Commenting on the growth prospects in Chennai Mr. Sachin Mittal, Founder, Loanwalle.com said, “Chennai is a very important market down south. Following the results of our market research, we analysed that the market has an unexplored potential for fintech services like ours, hence we decided to set up our operations here.”
Mr. Mittal further added, “We intend to invest 50 crores in the next fiscal year, especially in the southern market. Our services will also be available in Tier II and III districts of Chennai.”
The company uses data-driven algorithms to help people with instant loan requirements to meet emergency situations. It uses an advanced technology system to simplify loan application processes as well as the sanctioning process to allow loans to reach faster to the customer. The app underwrites loan using banks and CIBIL analyser, data in phone, text, social media connections to determine credit- worthiness.
Incorporated in the year 2018, Loanwalle.com already has offices in Delhi, Mumbai, Pune, Bangalore, Hyderabad, Chennai and Kolkata and is speedily spreading its wings in the remaining parts of the country. The fintech start-up plans to grow by 200% by 2020.