ET BureauNEW DELHI: Franklin Templeton International Services India has invested $15 million (about Rs 100 crore) in MyWish Marketplaces, which owns and operates retails loans portal Deal4Loans, the latter announced on Tuesday.
The online financial product marketplace, which also counts Ram Shriram-led venture capital firm Sherpalo Ventures as an investor, operates financial marketplaces, and is engaged in aggregating, marketing and facilitating the sale of loan products and credit offerings from banks and financial institutions.
"This investment is in line with our continued efforts towards making strategic investments across geographies in companies that align with our global business priorities," said Vijay Advani, co-president, Franklin Resources, in an official statement.
The financial terms of the investment were not disclosed, and it is yet unknown whether Sherpalo Ventures also participated in the latest transaction. International Business Advisors acted as MyWish Marketplace’s advisor for the deal.
Mywish Marketplaces, which claims to have over 7 million customers and disbursed more than Rs 10,000 crore in retail loans, will use the proceeds from the latest round to develop its wealth management and investment product-related services, in addition to its credit offerings, according to the press release.
The seven year-old company will also use part of the proceeds to further develop its technology, the press statement added.
"Through our technology, we will continue to help our partner banks in the new paradigm of digitization of the banking landscape. We also look forward to working with Franklin Templeton on developing a new technology platform for wealth management and investment product-related services," said Puru Vashishtha, board director, Mywish Marketplaces.
In April earlier this year, it was reported that the company was looking to raise about $25 million (about Rs 166 crore) for its first institutional round of funding.
In the same month, ET had reported that it had raised undisclosed sum from a clutch of high-profile Silicon Valley investors of Indian-origin, including, Ram Shriram, founding board member and one of the first investors in Google, and Neeraj Arora, business head of Whatsapp, among others.
Founded in 2009 by Rishi Mehra, Deal4Loans competes with the likes of BankBazaar, which raised $60 million last year from online retail giant Amazon, with Fidelity Growth Partners and Mousse Partners, also participating.
The online financial product marketplace, which also counts Ram Shriram-led venture capital firm Sherpalo Ventures as an investor, operates financial marketplaces, and is engaged in aggregating, marketing and facilitating the sale of loan products and credit offerings from banks and financial institutions.
"This investment is in line with our continued efforts towards making strategic investments across geographies in companies that align with our global business priorities," said Vijay Advani, co-president, Franklin Resources, in an official statement.
The financial terms of the investment were not disclosed, and it is yet unknown whether Sherpalo Ventures also participated in the latest transaction. International Business Advisors acted as MyWish Marketplace’s advisor for the deal.
Mywish Marketplaces, which claims to have over 7 million customers and disbursed more than Rs 10,000 crore in retail loans, will use the proceeds from the latest round to develop its wealth management and investment product-related services, in addition to its credit offerings, according to the press release.
The seven year-old company will also use part of the proceeds to further develop its technology, the press statement added.
"Through our technology, we will continue to help our partner banks in the new paradigm of digitization of the banking landscape. We also look forward to working with Franklin Templeton on developing a new technology platform for wealth management and investment product-related services," said Puru Vashishtha, board director, Mywish Marketplaces.
In April earlier this year, it was reported that the company was looking to raise about $25 million (about Rs 166 crore) for its first institutional round of funding.
In the same month, ET had reported that it had raised undisclosed sum from a clutch of high-profile Silicon Valley investors of Indian-origin, including, Ram Shriram, founding board member and one of the first investors in Google, and Neeraj Arora, business head of Whatsapp, among others.
Founded in 2009 by Rishi Mehra, Deal4Loans competes with the likes of BankBazaar, which raised $60 million last year from online retail giant Amazon, with Fidelity Growth Partners and Mousse Partners, also participating.
( Originally published on Jul 19, 2016 )
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