Business Description:dhanaX (www.dhanax.com ) is an online/ offline person-to-person lending platform that allows Indians to lend and borrow money from fellow Indians. Both borrowers, who get quicker and cheaper loans, and lenders, who will receive competitive returns on their investments stand to benefit from this transaction.
dhanaX facilitates the transactions including handling money movement from lender to borrower and repayments from borrower to lender; servicing lenders; managing the network of agents
.
With only 34% of its population having access to formal banking systems, India has the second-highest number of unbanked population in the world- approximately 675 million. The only credit alternatives for them are local pawnbrokers or moneylenders, who usually charge anything between 40% - 120% interest rates per annum. On the other hand, well-to-do Indian investors receive anything above 8% on their investments. Thus there is a huge difference (over 30%) between returns received by Indian investors on their investments and what their fellow Indians pay for the same rupee for a loan to a money lender.
dhanaX, through its technology based solution, offers match making service between Indian investors and the unbanked population. Using the power of the internet and mobile based technologies, dhanaX connects interested lenders directly with the borrowers and thus eliminates unnecessary intermediaries
Industry:IT/ Internet/ Software
Founded in:2007
Source of idea:Systematic search for business opportunity
Significant Competitors:Banks, local money lenders, globefunder.in
Company Details :
Company Name:dhanaX
HeadQuarters:Bangalore
Stage of the company:Several customers or locations
No of Employees (2006):0-5
No of Employees (2007):0-5
Office Locations(2006):0-1
Office Locations(2007):0-1
No of companies promoted:No
Profits (2006):
Profits (2007):
>Partnerships:
Initial Funding:Family & friends
Addl Funding:Angel investors
Institutitional Capital:No
Revneue Model:We receive commission out of every transaction that happens on dhanaX. We get 6.5% commission from the borrower on every funded loan; 1.5% from the lender on every repayment; 100/- from the lender for joining fee
Awards & honors:
Promoters Details :
Promoters Name(s):Siva Cotipalli
Age:28
HomeTown:Hyderabad
Education:Masters IIM
No of companies promoted:No
Family Background:First gen entrepreneur
Job:Product Marketing at Oracle
Ex-Job Description:Marketing
Favorite Book/Movie:If you want to write by Brenda Ueland
