RupeeCircle, the Mahindra Finance-backed P2P Lending company, has set up an office in Chennai, its foothold in South India and facilitator for its financial inclusion initiative in the region. RupeeCircle plans to financially include the unbanked and underbanked masses by making credit accessible with ease. The branch will employ around 10 employees initially and focus largely on digital loan processing and collections. The core operations of the organization (including products, services and support) will continue to be driven by its Mumbai team. Ajit Kumar, founder & CEO, RupeeCircle, said Chennai was chosen as a strategic location due to 2 reasons – it is the hub of auto ancillary industries which will help the company to reach out to the blue-collared salaried workers, and secondly a lot of the company’s lenders are from Chennai which will give it an operational advantage. RupeeCircle was recently chosen to be an official part of Bharat Inclusion Initiative, an inclusion drive of IIM Ahmedabad’s Centre for Incubation & Entrepreneurship.
