[Portfolio News] Loanzen gets funding from Zephyr Peacock India
Zephyr Peacock India Growth Fund invests in small and medium sized enterprises operating across financial services, food and agriculture, and infrastructure ancillaries sectors. The Fund identified commercial vehicle finance as a high growth sector in India and invested in Loanzen, a provider of digital financing for commercial vehicle operators
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Below are excerpts from the post that first appeared on ETAuto from the Economic Times on 25 November 2019:
Loanzen, a start-up that provides financial solutions to the logistics industry, on Sunday said it had raised funding from Zephyr Peacock India Growth Fund. However, it didn’t disclose the funding amount.
Existing investor Kae Capital also participated in the round, a statement said.
“Loanzen will invest the funds raised in the development of technology, build data analytics teams, scale operations in existing locations across Karnataka and expand to new markets,” it added.
While Loanzen declined to comment on the amount of funding or valuation, sources suggest the company has raised about USD 4-5 million (nearly ₹28-35 crore) in this round.
Loanzen provides loans to purchasers of used commercial vehicles, including operators of small CV fleets and first-time buyers. These purchasers have limited financing options due to inadequate credit history and lack of documented income.
It uses proprietary underwriting processes based on alternate data sources to meet the needs of its customer segment.
