LoanKuber Raises INR 13 Crore In Pre-Series A
The funds will be utilized to expand team, enhance the existing tech stack and scale loan book
LoanKuber has raised INR 13 crore in pre-Series A round led by Lets Venture and Inflection Point Ventures.
The funds will be utilized to expand its team, enhance the existing tech stack and scale its loan book to INR 75 crore in the next 12 months. LoanKuber aims to on-board 1,000 MSMEs in the next 12 months as part of its expansion plan, said a statement.
“LoanKuber is solving a big problem of lending in India. We know that banks are not designed to lend to a majority of the population who often fall in the trap of shady loan apps or sharks who levy high interest rates and indulge in unethical practices. By digitizing the entire lending process, they have the ability to bring a large number of loan seekers into a formal credit system and help them build a credit history. We believe MSME lending is still an untapped market and LoanKuber has built the right tech stack to roll out their services for this segment,” said Mitesh Shah, co-founder at Inflection Point Ventures.
LoanKuber is a digital-first automated mortgage platform enabling mortgage lending Micro-SMEs against owned residential collateral. The automated platform enables LoanKuber to lend with larger financial institutions, allowing them to be the lowest cost mortgage lender by having diversified and lowest cost of capital compared to regional MSME Lenders, said the statement.
“IPV Investor community has CXO’s with vast experience in financial services and technology, making them the ideal partners in our strategic vision of building a transformative mortgage platform for the MSMEs,” said Saurabh Nagpal, founder of LoanKuber.