ROBOCASH Group, which owns the European peer-to-peer lender Robo.cash, has teamed up with Inditrade Capital to launch a personal loans platform in India.
The new alternative finance provider, called Inditrade-Robocash, will offer short-term loans to people living in India ranging from £110 to £558 (INR 10,000 to INR 50,000).
Robocash Group and Inditrade Capital have signed a Memorandum of Understanding (MoU) to establish the new business.
Both companies have a history in the alternative lending market, serving those who are often unable to get finance from the mainstream banks.
The new firm will operate online, using automated scoring and lending processes.
In a statement the companies said the potential of this market is over £5.5bn (INR 50,000 crore) and they believe Inditrade-Robocash will become a leader in the market in the next three to five years.
“Our partnership with Robocash Group enables us to serve a large part of Indian population which is salaried or self employed with low earnings and in need of finance for a short duration,” said Sudip Bandyopadhyay, chairman of Inditrade Group
“The expertise of Robocash in this sector proved by the dynamics in the emerging markets like Russia, Kazakhstan, the Philippines, Indonesia and Vietnam supported by back-end AI technologies coupled with our understanding of the Indian market make us ideal partners to service this segment”.
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“India has one of the largest salaried and self-employed populations in the world,” said Robocash Group’s chief executive Sergey Sedov.
“However, while it is a relatively untapped and lucrative market, it is also quite challenging. Inditrade with its 25 years of experience in the Indian market and also lending experience is the ideal partner to navigate Inditrade-Robocash in becoming the preferred partner for short-term loans to the salaried and self employed Indians.”
Inditrade will own 50.1 per cent of the new firm and Robocash will hold the other 49.9 per cent.
Robocash Group operates in Russia, Kazakhstan, Spain, the Philippines, Indonesia and Vietnam.
Inditrade has 25 years of experience working in the Indian market and works predominantly with underserved segments of the population.