LenDenClub Achieves Break Even Point; Eyes Loan Disbursement Worth INR 1200cr in FY20-21
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Mumbai-based peer-to-peer lending platform LenDenClub announced that it has achieved break even point. The 2015 found lending platform has also reported to have crossed the 500 crore mark in loan disbursement in the Financial Year (FY) 2020-21.
Founded by Bhavin Patel, the firm has registered loan disbursement around INR 600 crore in FY 20-21 as against INR 60 crore in FY 19-20 and INR 13 crore in FY 18-19. The firm is now eyeing to disburse loans worth INR 1,200 crore in FY21-22.
The company has provided loans to over 1,30,000 unique borrowers and cumulatively 3,60,000 loans, primarily to young salaried professionals. It processes over 25,000-30,000 loan applications and disburses about 15,000 loans every month. At present the platform has a user base of over 15 lakh borrowers and 4.5 lakh lenders.
The platform has also expanded its digital lending platform InstaMoney to pan India, allowing people from over 19,000 pin codes to get loans.
Speaking on occasion, Patel, Co-founder and chief executive officer of LenDenClub, said, "We are aiming at big growth in this fiscal after great FY21. It is a testimony to the rapidly evolving banking sector, making consumer centricity the primary goal. After the economy has opened up in September 2020, we have witnessed a fresh upsurge in demand for credit across both retail and businesses. We believe that current year will also witness muted growth in the first quarter and then grow exponentially over the next three quarters. Lending is poised to grow at its highest rate in the next three years, and P2P lending will be one of those important elements in lending growth.”
The company hopes to scale up disbursement volumes to 500 crores on a month-on-month basis by FY 23-24 while working towards becoming one of the top lending institutions in the country.