LenDenClub Raises $10 Million In Series A
The funds will be used to expand market footprint, accelerate product development and upgrade technology platform
LenDenClub, a P2P lending platform, has raised $10 million in Series A round co-led by Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund, Kunal Shah (founder of CRED), Alok Bansal (co-founder of Policybazaar), Ramakant Sharma (co-founder of Livspace), Hardik Pandya (Indian cricketer), Krishna Bhupal (co-founder of Promaxo).
With the current round of funding, LenDenClub aims to scale up substantially, eyeing on a five-times growth in disbursals in the next 18 months. The funds will be used in aggressive expansion, taking its loan book growth to $1 billion and upscaling the user-base to 10 million, said a statement.
The company aims to invest heavily in innovating and upgrading its proprietary tech-stack platform. Additionally, the company aims to enhance its leadership strength and is eyeing strategic C-suite appointments in pursuit of its expansion goals, besides increasing the operational team size by the end of the next fiscal, said the statement.
“At LenDenClub we have always emphasised on leveraging technology creatively while adapting to an ever-evolving financial services marketplace. 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. We are privileged and delighted to bring on-board immensely diverse investors in this round and use their expertise to fuel further growth at LenDenClub. The aim is to accelerate growth while maintaining profitability on operations,” said Bhavin Patel, co-founder and CEO of LenDenClub.
“We are eager to see where this round of investment takes LenDenClub and the path that it charts for itself,” said Anirudh A Damani, managing partner at Artha Venture Fund.
Founded in 2016 by Bhavin Patel and DipeshKarki, LenDenClub leverages technology to bring borrowers and investors on the same platform, providing hassle-free instant loans to borrowers and offering new-age investment options to investors across the country. The company processes over 2.5 lakh loan applications every month, added the statement.