This deal was rumoured earlier. Sequoia Capital India has finally backed India’s first online loan origination company Apnaloan.com. See the list of portfolio firms of Sequoia. According to reports, Sequoia and the company founder Harshvardhan Roongta have bought out the firm for $2.2 million. Its earlier investors include Rediff, ING Vysya Bank, SIDBI Venture, Jumpstartup Venture Fund, FMO and Edelweiss Capital. It’s not clear who all have exited, if at all.
Apnaloan was founded in 2000 by Harsh Vardhan Roongta, an ex-ICICI Bank employee. The loan origination market (including insurance products) is estimated at about Rs 1,500 crore currently.