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Peer-to-peer lending platform LenDenClub has raised $10 million in a Series A round.
The round has been co-led from a consortium of investors including Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund, Kunal Shah, founder, CRED, Alok Bansal, co-founder, Policybazaar, Ramakant Sharma, co-founder, Livspace, Indian cricketer Hardik Pandya and Krishna Bhupal, co-founder of Promaxo and board member of GVK Power and Infra, the company said in a statement on Tuesday.
“With the current round of funding, LenDenClub, valued more than $51 million, now aims to scale up substantially, eyeing a 5X growth in disbursals in the next 18 months,” it further said.
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The company has disbursed over ₹1,200 crore of loans this fiscal.
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 fiscal 2022-23, it further said.
LenDenClub turns profitable
LenDenClub had earlier this year announced that it was the only player in the P2P lending space in the country to have turned profitable.
“We have been constantly inventing products that yield greater returns for our investors and democratising credit while offering market-competitive rates for our borrowers. Futuristic, customer-centric products and seamless digital experience offered by our platform, backed by a focused market expansion approach, is what has aided the exponential growth of LenDenClub,” said Bhavin Patel, co-founder and CEO, LenDenClub.
Fintech start-up LenDenClub turns profitable in Q4 of FY21
The company currently has over 25 lakh borrowers and 10 lakh investors and has registered loan disbursements worth more than ₹2,000 crore.
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