The Mumbai-based P2P lending platform is aiming to take its loan book growth to $1 billion and upscale user base to 10 million by FY23.
Peer-to-Peer (P2P) lending platform LenDenClub has raised $10 million in a Series A funding round co-led by Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund, and angel investors, including Kunal Shah (Founder, CRED), Alok Bansal (Co-founder, PolicyBazaar), Ramakant Sharma (Co-founder, Livspace), Hardik Pandya (Indian cricketer), and Krishna Bhupal (Co-founder of Promaxo).
With the latest round, the fintech startup now stands at a valuation of over $51 million. It had earlier raised $1.5 million as part of its pre-Series A round led by Micro VC fund Artha Venture Fund – I, Transworld Group, and Shuchi Kothari of the DSP Group. The latest round brings LenDenClub total funding raised to $11.5 million.
As per the statement, the startup is eyeing to offer a host of financial services as the next frontier transitioning to a digital banking model.
The fresh capital will be used in aggressive expansion, taking its loan book growth to $1 billion and upscaling the user base to 10 million from the current 2.5 million by FY23. It is eyeing a 5x growth in disbursals in the next 18 months. It has an NPA of 3.95 percent, a fairly balanced figure in comparison to other players in the market.
Earlier this year, the company had announced to be the only player in the P2P lending space in the country to have turned profitable.
