Milaap operates an online microlending platform that raises funds from people and disburses them as loans to businesses in India, with borrowers repaying principal over 12–24 months. Lenders receive only their principal back while Milaap charges an interest margin (about half of typical bank rates) to cover operating costs. The platform has facilitated approximately $800,000 in loans to date. The company targets roughly 480 million unbanked Indians in rural and semi-urban areas and aims to tap long-tail internet users and social networks. The recent funding is earmarked for platform development and scaling operations through expanded marketing and engineering. Milaap was founded in June 2010 by Sourabh Sharma, Anoj Viswanathan and Mayukh Choudhury and is based in Singapore and Bangalore. Milaap Social Ventures is an online microlending platform founded in 2010 and led by CEO Sourabh Sharma. The platform enables people around the world to lend money to India’s working poor. Loans facilitated through the platform target basic amenities such as clean drinking water, toilets, education, renewable energy and income-generation opportunities. According to the article, Milaap has facilitated about USD $200,000 in loans for borrowers across India and reports a 100% repayment rate. The company was founded by a team of entrepreneurs from premier institutions in India and Singapore and is based in Bangalore.

Total raised

$1M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2013