Faircent secures pre series ‘A’ funding

By | June 12, 2015
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Faircent - Main Feature 1Faircent secures pre series ‘A’ funding from Singapore based M&S Partners Pte Ltd. Faircent brand is owned and operated by Fairassets Technologies India P Ltd. The company is peer to peer lending marketplace. They serve as a marketplace where potential lenders and borrowers can register and interact to strike lending or borrowing deals. Faircent charge an upfront fee once deal is finalised for the service offerings.

Financing one’s small business is the biggest challenge for any budding entrepreneur. Things have been especially tough under present conditions. There are many regulatory hassles, complicated application and qualifying procedures. Loans from banks or NBFC’s for new startups are very difficult. They do not have 3 years financial details of cash flows and profitability to fulfil eligibility criteria.

Faircent - Main Feature 2A small business or a startup can choose 2 kind of funding, either debt or equity based. Each option has its own advantages as well as disadvantages. Most of them use equity investment and investors are very choosy about the business which they are investing. However Venture Capitalists are a good source for funding; however lot of conditions will be enforced. Apart from getting venture capital requires good networking and solid business backgrounds.

The company was founded by Rajat Gandhi, Vinay Mathews and Nitin Gupta. Rajat Gandhi is the founder and Chief Executive Officer of Faircent.com. He has very good professional experience having worked with Bennett Coleman and company Ltd and their associates in various positions from 2000 to 2009.

Faircent - Main Feature 3During his stint he was responsible for Timesjobs.com, Simplymarry.com, Magicbricks.com, Ad2book.com and several websites of Times Group. Rajat Gandhi was Senior Vice President – India region of Zed Digital from May 2009 to July 2011. In August 2011, he became SVP of Performics, he served for 19 months and founded Faircent.

Vinay Mathews is co founder and Chief Operating Officer of the company. He started his career as Manager in charge of Sales for Financial Express in 1995. After working for 3.5 years he moved to Rediff.com as Head – Commercial Alliances in October 1998. Later in April 2002 he became regional head of Sify Ltd, he held this post till April 2004.

Like Rajat he too had long stint with Bennett Coleman and Company from April 2004 to September 2013. He did Bachelor of Business Administration in Management from BSSS, Bhopal in 1993 and did his Masters of Business Administration from IMS Indore in 1995.

Faircent - Main Feature 4Nitin Gupta is the co founder of Faircent.com. He had rich entrepreneurial and management experience. He has graduated in Bachelor of Arts (Hons) in Economics from St Stephen’s College in 1980. Nitin went to do his Masters in Business Administration from Indian Institute of Management, Ahmedabad in 1982. He did his Bachelor of Laws from Bombay University in 1986.

He started his career as Senior Brand Manager in Unilever in 1982. Nitin worked in the company for 9.2 years and in October 1992 he became Executive VP – Contract Advertising in J Walter Thompson. He worked with the advertising firm for 5 years and became President – Retail Financing Businesses in GE Capital in 1997. After tenure of 3 years he joined Rediff.com in 2000 as President.

Worked in Rediff.com for 3 years and became Chief Executive Officer and Country Manager, South Asia for MasterCard Worldwide in August 2003. He was associated with MasterCard for 5.2 years and became Non Executive Board Director and CO founder of LetsBuy in October 2009.

Faircent - Main Feature 5LetsBuy was one of the first online consumer portal which offered several electronic products. In 2012 it was acquired by Flipkart. After his stint with LetsBuy he co founded several online portals like Faircent.com, Argus Partners, Dynamis Partners and became board director of Loylty Rewardz.

Faircent raised venture funding of $4 million from Ashish Tiwari and Devesh Sachdev in the month of January 2015. On June 11, 2015 the company was seed funded by $250K from M&S Partners. The funds will be used to strengthen technology, expand employee base and brand building.

Faircent has developed proprietary technology enabled credit appraisal and borrower rating system in India.  The company follows institutional charges at a bare minimum and passes the benefits to end users. They eliminate high margins which banks and financial institutions make on financial transactions.

Faircent - Main Feature 6The company allows interactions between lenders and borrowers or vice versa, facilitating terms and conditions on the interest rates, tenure of loans etc and finalize the deal. Faircent does not intervene in the process.

M&S Partners Pte Ltd  is leading advisory services for finance based out of Singapore. They are specialized in finances for IPO, Merger and Acquisitions, operations, marketing, business development and expansion. M&S Partners is headed Hiro Mashita advises the newly set up companies in Japan, China, Singapore and other Asian countries.

Author: Venu V

i look for minute details, whatever i do. Avid reader, read lot of Hindu mythology, Technology and General news. Extreme foodie and like to taste new types of vegetarian food. Travel a lot, like to explore new places which are not explored by anyone. Participate in adventure sports like river rafting, grappling and hot air ballooning.