Online lender MyLoanCare gets backing from SAR Group’s VC arm

Online loans marketplace MyLoanCare, which is owned and operated by My Finance Care Advisors Pvt. Ltd has raised Rs 6.5 crore ($978,000) in a Series A round of funding from Ncubate Capital Partners, the venture capital arm of Gurugram-headquartered SAR Group.

SAR Group is primarily engaged in water purifiers (Livpure), clean tech, and automotive batteries (Livguard).

Gaurav Gupta, MyLoanCare’s chief executive officer said the company plans to primarily use the fresh funds for branding and the rest for improving technology.

Investment banker Gaurav Gupta and process technology and automation expert Deepak Gupta had founded MyLoanCare in 2013.

It has tied up with banks and financial services companies to offer borrowers a digital platform to compare, select and apply for online loans for purposes such as housing, gold, personal etc.

The company claims to be among the top four online loans marketplaces in the country.

In 2015, MyLoanCare had raised Rs 1.5 crore in an angel funding back, Gupta said.

The firm also plans to enter new segments of the market including cards, savings, and investments.

Ncubate Capital Partners invests in early-stage ventures. Its parent, SAR Group, was founded in 1988 by Navneet Kapoor and Rakesh Malhotra.