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JM Financial has acquired nearly 10 percent stake in peer to peer (P2P) lending startup Fairassets Technologies India.
The company has said in a BSE filing that its subsidiary JM Financial Products has executed the agreement to acquire securities representing up to 9.84 percent on a fully diluted basis of the total paid-up capital of Fairassets Technologies.
Rajat Gandhi, Fairassets founder and CEO, without disclosing the deal size, said that the “funds raised from the transaction would be used for investment in technologies, big data analytics and to mitigate risks.”
Fairassets has been engaged in the business of operating a web portal and mobile application under the name of ‘Faircent.com’ that provides a virtual peer-to-peer lending marketplace.
