New Delhi, July 19 (ANI
): Mywish Marketplaces (MMPL) today announced seeking investment of USD 15 million in the company by Franklin Templeton. MMPL Mywish runs some of the largest financial marketplaces in India and is engaged in aggregating, marketing and facilitating the sale of loan products and credit offerings from banks and financial institutions.
MMPL's existing investors include Sherpalo Ventures, a VC fund run by Ram Shriram, who was the seed/early investor in many successful technology companies in the world, including Google. International Business Advisors was MMPL's advisor for the deal.
MMPL pioneered the loan marketplace in India, and has established trust with Indian customers as a neutral marketplace leveraging its proprietary technology. Its intellectual property includes algorithms for customer acquisition for the participating banks' loan products, and those for matching customers with products.
It also enables sales transactions on the platform itself. With over seven million customers already, MMPL plans to expand by leveraging existing technology to develop an all-encompassing digital ecosystem, providing wealth management and investment products in addition to credit offerings.
The firm will develop the platform for the investment business based in part on know-how provided by Franklin Templeton.
"This investment is in line with our continued efforts towards making strategic investments across geographies in companies that align with our global business priorities. We are impressed by MMPL's strong domain expertise and see good growth potential going forward, particularly in the planned expansion of MMPL's business to include wealth management and investment product-related services," said Co-President Franklin Resources, Vijay Advani.
"Employing cutting edge technology continues to be a priority for Franklin Templeton
, and we are always looking for new and innovative ways to incorporate technologies to advance our business, including making capital investments," said Co-President Franklin Resources, Jenny Johnson. (ANI