Loanzen recently raised funding from Zephyr Peacock India Growth Fund. Loanzen is a startup that offers financial services for the logistics industry. The news came out on Sunday, but the firm did not disclose the exact funding amount.
Kae Capital, the existing investor, also took part in the round. He said in the statement,
Loanzen will invest the funds raised in the development of technology, build data analytics teams, scale operations in existing locations across Karnataka and expand to new markets.
Zephyr Peacock India Growth Fund is a private fund of equity that invests in SMEs of India. It employs proprietary underwriting methods of different data sources to fulfill the necessities of its consumer base. It is headquartered in Bengaluru and serves customers from Karnataka majorly.
Loanzen refused to respond to the amount of valuation, but some links from the industry said that the amount could be around 4 million- 5 million dollars in the round.
The co-founder Madhu Sudhan said,
Given the rapid growth in the logistics segment with increasing penetration of technology, we are looking to scale up over the coming year… We are planning to target a Rs 75 crore-Rs 80 crore loan book addressing a base of over 2,000 customers in the coming year.
Managing Director at Zephyr Peacock, Abhijeet Kudva, said that Loanzen loan services had become an aid for more than 500 vehicle operators by now.
We expect Loanzen to become a leader in LOGISTICS FINANCING, supporting more than 15000 customers in the upcoming three to five years,