Faircent, India’s largest peer to peer lending marketplace announced a partnership with Baxi, India’s first on demand bike taxi, to provide easy access of two-wheeler loans to Baxi drivers. Faircent’s maiden venture into auto loans would enable Baxi drivers to fund their two wheelers by registering and seeking a loan through the platform. With this product, lenders registered on Faircent now have an additional investment product.
This is the first time in India that a P2P lending platform has introduced loans against collateral for its lenders. Faircent.com is in fact planning to introduce a series of asset-based investment products by exploring similar options with other large businesses to extend trade advances to their channel partners – retailers as well as distributors.
Speaking on the development, Mr. Vinay Matthews, COO and Founder, Faircent said “In order to provide newer product offerings and tap the underserved two wheeler loan market, we have tied up with Baxi. The on demand bike taxi market of India can further flourish if funds are easily available to drivers. This serves better with our goal to provide easier access to credit and lead the way in democratizing financial services around the globe.”
Complimenting Mr. Matthews, Ashutosh Johri, Founder, Baxi said, “Belonging to a lower income background, many of our drivers find it difficult to purchase a bike for commercial purposes. Our arrangement with Faircent will not only help fulfil their dreams but it will also open a lot of avenues for us.”
Under the arrangement, Baxi drivers will be registered on the platform as borrowers and lenders can choose to fund their requirements at reasonable interest rate with flexible period ranging from 6 to 36 months. Borrowers would be allowed to register only after their due diligence and credit worthiness is assessed.
Faircent.com is India’s largest peer to peer lending website which caters to retail and business loans. Faircent helps in eliminating the high margins, which intermediaries like banks and other financial institutions make on loan transactions. At Faircent.com people who have surplus money lend it directly to people who want to borrow.
Faircent.com in its nascent history been able to garner recognition from the Industry – It was showcased as one of the top start-ups at Start Up India, selected for the first batch of NASSCOM 10,000, It is part of the Microsoft Accelerator Program and it was one of the top 10 companies from India to be selected for Web Summit in 2013. Faircent is acclaimed as the ‘Interbrand Breakthrough Brand in Finance’ by Interbrand, NYSE and Facebook in its Breakthrough Brands report 2016.
Baxi is India’s first on-demand motorcycle taxi company that operates with commercial two wheelers. Commercial operations started at Gurugram on 1st December 2015 and at Faridabad on 20th January 2016. They raised a $1.5 mn seed round of investment from HT Media and Angel Investors like Manish Kheterpal, Alok Mittal and Puneet Dalmia.
Manu worked with product startups throughout his career, with i2 Technologies (in the early days) and Match.com (parent company of Tinder) in the US, before returning to India as VP – Products at BookMyShow.com and Chief Product Officer at IgniteWorld (JV of Bharti and Softbank).
Ashutosh is a Telecom & IT industry veteran with over a billion dollars of sales experience at companies like Siemens, Iridium, Ericsson, IBM, Cisco and AT Kearney. In his last role, as CEO of Mara Ison Technologies, he had set up and run profitable operations across 22 countries in Africa and the Middle East.