HomeMedia CenterLenDenClub raises $10M in Series A round; eyes new financial services

LenDenClub raises $10M in Series A round; eyes new financial services

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.

Credit: https://yourstory.com/2021/12/lendenclub-raises-10-million-funding-kunal-shah-hardik-pandaya-alok-bansal/amp

LenDenClub is India’s largest alternate investment platform which started operations in India in 2015. We have been helping lenders diversify their investments beyond traditional investment instruments ever since.

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The Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by Innofin Solutions Private Limited, and does not provide any assurance for repayment of the loans lent through its platform.

LenDenClub is an Intermediary under the provisions of the Information Technology Act, 2000 and virtually connects lenders and borrowers through its electronic platform via the website and/or mobile app.

The lending transaction is purely between lenders and borrowers at their own discretion, and LenDenClub does not assure loan fulfilment and/or lending simple interest. Also, the information provided on the platform is verified or checked on the best efforts basis without guaranteeing any accuracy of the data/information verification. Any lending decision taken by a lender on the basis of this information is at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower, fully or partially. The risk is entirely on the lender. LenDenClub will not be responsible for the full or partial loss of the principal and/or interest of lenders’ lending amounts.

*This is an annualized yield and is subject to the maximum FMPP tenure, which is 5 years. P2P lending is subject to high risk and may cause an entire loss of principal.
 

*P2P lending is subject to risks. And lending decisions taken by a lender on the basis of this information are at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower.

** Average value mentioned is the weighted average of simple interest received by lenders

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