Online lending startup Ziploan, operated by Delhi-based Blue Jay Finlease, has raised Rs 20 crores (around $3m) in a funding round led by Matrix Partners India along with existing investors Whiteboard Capital, Waterbridge Ventures, Capital 18 Managing Director Sarabvir Singh & GrowX Projects as reported by VC Circle and The Economic Times.

Rajaram Legal acted as the legal advisors to the venture capital firm Matrix Partners and was represented by partner Priyadarshini Sherchan and senior associate Prasad Subramanyan.

Khaitan & Co advised Delhi-based Blue Jay Finlease which operates the SME loan provider, Ziploan and was represented by associate partner Mayank Singh and associate Anugya Sahai.

The fintech startup, presently operational in Delhi and Indore, plans to expand its area of operation, strengthen its team and enhance its technology platform after this fund infusion.