Bennett, Coleman & Co Ltd (BCCL) has acquired a stake in FinREQ, which is an online loan portal launched on 4th January 2018 which deals end to end in loan products for businesses & retail customers. FinREQ aims to be India’s largest and most successful loan platform; a space that it believes has great potential which has not been fully tapped by players in the industry.
Company was founded in year 2011 by Mr. Bhavik Mehta, a Chartered Accountant who has worked with organizations like BDO & Deloitte and Mr. Bipin Mehta, an Ex-Banker with 45 years of experience in finance & banking. They have been advising more than 200 companies for their lending requirements. They have tie-ups with Nationalised, Co-operative, Foreign, Private Banks, NBFCs & Housing Finance Companies.
Speaking on the company’s future plans, Mr. Bhavik Mehta – Director, FinReq, “Online Portal always needs more media and advertising support than others in order to build a brand for its products, thereby enhancing their market potential. The Brand Capital model is a very innovative way of funding for growing companies like ours and by having BCCL as an investor in our company we get tremendous benefits. With this association, we will now focus on enhancing the deal flow with better brand recognition and market awareness in India.”
FinREQ has unique algorithm, analytics & matchmaking feature which connect right borrowers with right lenders. Loans upto Rs. 300 Crs can be processed online. Portal has tie-ups with more than 50 leading lenders in the country & is sector agnostic & offers all debt products for lending. Portal intends to reduce the physical meetings, documentation & email correspondences in transaction by upto 80%. Borrower has facility to upload their proposal digitally, upload attachments & get the loan processed faster with help of certified consultants. It immensely benefits lenders as they receive filtered proposals as per their requirements which saves their turnaround time (TAT) & cost on advertisement, marketing for sourcing deals.
Present internet penetration in India is 456 million which is poised to grow further in coming years. There are more than 5 Crs. MSMEs in India including Tier 2, 3 & Tier 4 cities out of which only 2% of MSMEs borrow from financial institutions. Total funding gap is estimated to be more than Rs. 27 Trn. Fintech lending is the need of the hour & FinREQ is best placed to address the funding gap / deficit through right blend of online & offline presence.