Digital lending platform Loanmeet has received an undisclosed amount of seed funding from Chinese entrepreneurs and investors Cao Yibin and Huang Wei, and KrazyBee.com co-founder and CEO Madhusudan E, as per a company statement.
The Bangalore-based startup will use the money for expanding its customer base. LoanMeet provides short-term working capital loans to retailers for inventory financing, and claims to be growing at roughly 50 per cent month-over-month. It was founded by Sunil Kumar and Ritesh Singh in 2016. “LoanMeet is disrupting the multi-billion dollar supply chain finance in offline retail. It is leveraging technology to fundamentally transform inventory financing for retailers,” said Yibin.