NEW DELHI: Jasper Infotech, which owns and operates online marketplace Snapdeal.com, has picked up a majority stake in digital financial services platform RupeePower.com as part of its plans to create a financial services marketplace. While Kunal Bahl, cofounder and chief executive of Snapdeal, refused to disclose the financial terms of the investment, it is believed to be a cash-and-stock deal, and will see Snapdeal continue making inroads into the financial services segment. In August last year, Snapdeal had, in partnership with several banks and non-banking finance companies (NBFCs), launched Capital Assist, which is aimed at enabling its sellers by helping them meet their working capital requirements as they scale up their businesses on the marketplace platform.
Through RupeePower-.com, Snapdeal now plans to offer loans to consumers, and has targeted disbursements of $1 billion (about Rs 6,200 crore) over the next 24 months, Bahl said, adding, "We want to create the largest financial services marketplace in India, where we can give quick, easy and cheap loans to consumers, through RupeePower."
Founded in 2011 by former Deutsche Bank and Citi credit derivatives trader Tejasvi Mohanram, Gurgaon-based RupeePower.com is an online distribution platform for loans, credit cards and other personal finance products. The company, which has partnered with the State Bank of India, ICICI Bank, Kotak Mahindra Bank and NBFCs such as Bajaj Fin-Serve and Aditya Birla Financial Services, claims to have enabled Rs 1,500 crore of credit disbursal through its platform.
http://m.economictimes.com/news/eme...-stake-in-rupeepower/articleshow/46758108.cms
