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Chennai-based Alternate Finance (AltFin) growth stage start-up OpenTap has expanded its presence in Tamil Nadu with commencement of service in Coimbatore, Salem and Tiuchi.
With this expansion, OpenTap is now present in Bengaluru, Chennai, Coimbatore, Gobichettipalayam, Nashik, Puducherry, Pune, Salem, Tirupur and Tiruchi.
The Coimbatore facility will serve as the regional office for Rest of Tamil Nadu, while Salem and Tiuchi units will function as branch offices, states a company release.
The company is targeting to lend ₹25 crore in the ROTN region this fiscal.
This start-up, founded in 2015, focusses primarily on providing short-term credit to the under-served blue-collar workforce, whose monthly income is below ₹25000.
Senthil Natarajan, Co-founder and Chief Executive Officer, said there is a huge opportunity for alternative lending as there are more than 50 lakh people working in the industrial belt in the ROTN region.
“Disbursing 10,000 loans by the end of this fiscal is just the beginning. We plan to further strengthen our presence in this region.”
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