One of the largest loan distributors in India, Andromeda has acquired the online portal apnapaisa.com. Andromeda acquires apnapaisa.com in stock and cash deal, announced the company.
Regarding this, Andromeda’s CEO, V Swaminathan stated that with an impeccable track record in the loan distribution usiness ovet the past 15 years, it is quite natural for the company to accelerate the process of its growth by leveraging the digital strength of apnapaisa.
Andromeda has its strong presence felt in over 30 cities all over India and there are 1000 staff working with the firm. It helps in facilitating or distributing around Rs 8,000 crore loans per year among the one lakh customer base.
Apnapaisa.com that was promoted by Harsh Roongta, a personal finance professional has been working with various financial lending institutions. Andromeda’s acquisition of apnapaisa is in line with the rising trend of digitization and the tech edge that apnapaisa brings would definitely drive the growth of Andromeda, claimed the company in an official press release.
ApnaPaisa was debuted eight ears back establishing a customer centric internet platform that will help the customers find the best possible loans. Furthermore, they have helped the firm find the best possible deal on home, business and personal loans as well as the loans against property.
Regarding the acquisition of apnapaisa by Andromeda, the Co-Founder and CEO of the online loan solutions space, Naresh Daga stated that acquisition is aimed to render benefit to the company from the management strength of apnapaisa to digitize the existing business. It will also help the company to increase its product portfolio such as credit cards and personal loans that are quickly going digital. He further revealed that the deal will consolidate the position of the company in the housing segment that was slated for a rapid growth.