Apnapaisa Pvt Ltd, the company which owns financial intermediary portals Apnaloan.com and Apnainsurance.com, has raised an undisclosed investment in its second round of funding from JAFCO Asia and the existing investor Sequoia Capital.
Sequoia had invested $2.2 million in Apnaloan in early 2007. Apnaloan, founded in 2000, is one of the oldest portals in this business. It initially had backers like Rediff.com, ING Vysya Bank, SIDBI Venture, Jumpstartup Venture Fund, FMO and Edelweiss Capital, while many of them have exited already.
The loan origination market (including insurance products) is estimated at about Rs 1,500 crore currently. As for loans, the lead generation commission could be anywhere between 0.5 per cent to 1 per cent, while for health and auto insurance products it could be 5 per cent.
Apnapaisa offers services like a price comparison of products such as health insurance, term life, critical illness, home loans, personal loans, loan against property, business loan, plot loans, car loans, education loans and credit cards.
Besides Apnaloan, there are companies like LoanRaja.com (launched by Helion and Nexus Capital- funded Komli), Deal4Loans.com (non-VC funded) and LoanWala.com (Yahoo and Canaan-funded BharatMatrimony) in this space.