Rubique, an online marketplace for financial products, is in advanced stages of discussions to raise $15-20 million in lieu of a minority stake. The funds raised will be used for expansion purposes. The firm expects to close the Series B funding by March.

“We are in the final stages of talks with two global investors — one a private equity firm and another a strategic investor — and the objective is to get a big name on board as we move on to the next stage of our growth. We will deploy it in data science, visibility and city expansion,” Manav Jeet, MD and CEO, Rubique, told BusinessLine .

A part of the proceeds will be used to expand the firm’s city presence to 100 from the present 30. He however did not disclose the names of the investors the company was in talks with, but added that existing investors might also take part in the new fund-raising.

In 2015, Rubique raised Series A funding of $3 million, led by Kalaari Capital with participation from YourNest Angel Fund, and Globevestor and Dexter Angel Circle.

In June 2017, it raised another $3 million in bridge funding from Kalaari Capital and London-based PE firm Apis Partners’ Co-Managing Partner Udayan Goyal. Goyal had invested in his personal capacity.

Separately, the company has processed loans worth ₹2,300 crore since its inception in October 2014. About 65 per cent of these were provided to the small and medium enterprise (SME) segment and the remaining 35 per cent were retail loans.

The company has issued more than 66,000 credit cards through 85 financial institutions. Rubique, which closed last financial year with ₹15.5 crore, is aiming to close this year with ₹31-crore revenue.

“We have been registering a revenue run rate of ₹2-2.5 crore per month, and by March, we expect to reach ₹3 crore,” he said, adding that the company expects to close next fiscal with ₹100-crore revenue.

Rubique was bootstrapped with an investment of $1.5 million, which was utilised for setting up operations across six cities (Mumbai, Delhi, Bengaluru, Pune, Kolkata and Hyderabad).