Semiconductor technology company Intel has exited ApnaPaisa, an India-based marketplace for personal loans, after it was acquired by loan provider Andromeda in a stock and cash deal, the Economic Times reported yesterday.
The terms of the acquisition have not been disclosed. Founded in 2007, ApnaPaisa runs an online platform allowing consumers to compare, choose and apply for personal loans.
The merger will enable ApnaPaisa to expand its business into other areas including credit cards, while Andromeda will gain access to the smaller company’s digital expertise.
ApnaPaisa raised $15m in a December 2007 series B round backed by Intel’s corporate venturing arm, Intel Capital, private equity and venture capital firm Chrys Capital and VC firm Sequoia Capital, after Sequoia provided $2.2m in series A funding for the company in January the same year.