Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

By: Admin

Venture Catalyst and Anirudh Damani had put in seed investment of Rs. 1.5 crore in the company as well in May last year.

Mumbai-based peer-to-peer lending platform LendenClub has raised $500,000 almost Rs.3.5 crore in equity investment from three major investors Venture Catalyst, Anirudh Damani and an Indian venture capital fund. Venture Catalyst and Anirudh Damani had put in seed investment of Rs. 1.5 crore in the company as well in May last year.

They participated in this round as well.

“We plan to utilise the funds mainly for strengthening our technology platform and expanding our scope of operations that have opened up post the release of guidelines by the central bank,” said Bhavin Patel, chief executive officer of LendenClub.

The release of fresh guidelines from the Reserve Bank of India has given a new lease of life into the fledgling peer-to-peer lending startup space. Multiple startups, which were already engaged in the business, hope to find increased investor interest after the recognition of the business and rapid scaling-up of operations.

Credit: Economic Times

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