Pune-based fintech startup LoanTap has secured Rs 74 crore (approximately $8.6 million) in Pre-Series C funding through a mix of equity and debt. The company raised Rs 54 crore (around $6.3 million) in equity funding, led by July Ventures, with additional backing from existing investors such as 3one4 Capital, Avaana Capital, Kae Capital, and Swapurna Family Office.

In addition, LoanTap secured Rs 20 crore in venture debt to scale up its supply chain financing solutions aimed at supporting small retailers.

Founded in 2016 by Satyam Kumar and the late Vikas Kumar, LoanTap launched as an online lending platform offering personal, business, and special-purpose loans. Its proprietary credit assessment tool, BICRI (Business Indicator for Credit Ratings in India), helps bridge credit gaps in underserved markets.

Last month, the company faced a major loss as its cofounder and CTO, Vikas Kumar, tragically passed away in an accident.

Prior to this round, LoanTap had raised about $36 million from investors, including India Quotient, Shunwei Capital, and Tuscan Ventures. In 2023, it also acquired Unofin, a healthcare-focused fintech startup, to offer affordable financing for medical needs.

“India’s MSME sector is undergoing a massive transformation, and we plan to leverage this momentum by doubling down on invoice financing, which we believe is a key growth enabler for MSMEs across the country,” said Satyam Kumar.

LoanTap’s funding comes as fintech startups ramp up efforts to enhance their lending solutions and expand their market presence. 

The fintech sector has led startup funding activity in 2024, clocking over 162 deals worth $2.5 billion. The Indian fintech market is projected to reach $2.1 trillion by 2030, growing at a CAGR of 18%.

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