Company Overview

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Founded:
June, 2010
Founders:
Mayukh Choudhury
Employees:
15
Headquarters:
Singapore
Funding:
$1.4M
Categories:
Crowdsourcing, Renewable Energies, Enterprises, Education, Water, Crowdfunding, Finance
Description:
Milaap is an online fundraising platform that enables people to fund and impact communities that need basic facilities in India.

Detailed Description

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Milaap is an online fundraising platform that enables people around the world to fund and impact communities in need of basic facilities in India. Based in Bangalore, India, with its headquarters at Singapore, Milaap is the world’s first and currently, the only online microlending platform that enables non-Indians & non-resident Indians (NRIs) to make a loan to India. Milaap's loans are aimed towards providing people with access to basic essentials like clean drinking water, sanitation, renewable energy, vocational training with guaranteed jobs, apart from enterprise development.

Microcredit, traditionally aimed at entrepreneurs, tends to have high interest rates because Microfinance institutions (MFIs) that fund these loans borrow from banks at high interest rates. Besides, loans for basic necessities like sanitation, drinking water and vocational training are not easily available as they need to be at low interest rates. By sourcing funds from individuals all over the world, Milaap has been able to eliminate the need for their partners MFIs to borrow from banks. Thus, the end-borrowers get to avail low-cost loans.

Milaap and its field partners (NGOs and MFIs) facilitate and disburse the loans from online lenders to the borrowers. The loans are given out to borrowers at interest rates of 12-18%(50% lower than existing interest rates available to microcredit borrowers.) After the loan has been repaid, it will be returned to lenders as Milaap credits which they can either withdraw or re-lend to other borrowers. As of November 2011, working with five field partners, Milaap has raised USD $170,000 in loans.

Current Team (1)

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Past Team (3)

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Funding Rounds (4) - $1.4M

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Investors (8)

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Offices/Locations (2)

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  • India office

    #549, 26th Main, 14th Cross,

    J. P, Nagar 1st Phase

    Bangalore City, 560078

    IND

  • Singapore headquarters

    Blk 7, Tanjong Pagar Plaza

    #21-102

    Singapore, 081007

    Singapore

Competitors (1)

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  • 2c40bb1041cdabf85b72f219713dfb92

    Vittana

    P2P Education Microfinance Lender

Images (1)

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  • 5a37b17dd56a8ae9084302627001ca8d