HomeMedia CenterLenDenClub raises $1M from Artha Venture Fund, others

LenDenClub raises $1M from Artha Venture Fund, others

Peer-to-peer lending startup LenDenClub has raised $1 million (Rs 7.2 crore) in a pre-series A funding round, led by existing investor Artha Venture Fund.

Several family offices like the UAE-based Transworld Group participated in the round, along with angel investors like Health and Glow director Shuchi Kothari, Livspace cofounder Ramakant Sharma, Narendra Karnavat and others.

This is the follow-up of a Rs 4.5 crore seed round the Mumbai-based startup had done in 2018, after receiving the P2P NBFC lending licence from the Reserve Bank of India.

“We will use the funds for product enhancement, as we see more lenders and borrowers coming on to the platform; second, we also want to hire a product team to help us expand geographically into new areas,” said Bhavin Patel, chief executive officer, LenDenClub.

The platform, which started in 2016, is processing more than 150 loans per day and caters to customers across six states. As per the latest numbers shared by the company, there were 23,000 registered lenders with 4,000 monthly active ones. There are around 2 lakh registered borrowers on the platform.

“We are doing around 5,000 loans per month with an average lending amount per lender per borrower at Rs 1,000,” said Patel. The startup claims to offer salaried individuals loans within 24 hours, catering to the needs of the section not served by the non-banking sector.

With a sub 4% non-performing asset base on its current loan book, Patel said that he wants to create a collections team dedicated for the new states he wants to expand to, and then open the lending tap. His team of 90 people largely sits out of Mumbai, but caters to customers from all the states the company operates in.

Credit: https://tech.economictimes.indiatimes.com/news/startups/lendenclub-raises-1m-from-artha-venture-fund-others/70896105

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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