Lendenclub Raises $10 Million In Funding Round
12/07/21, 10:24 AM
Location
Money raised
$10 million
Industry
software
New Delhi: LenDenClub on Tuesday said it has raised $10 million (about Rs 75.3 crore) in a funding round from a clutch of investors, including Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund and others, valuing the peer-to-peer (P2P) lending platform at more than $51 million.
Company Info
Location
delhi, delhi, india
Additional Info
The series A round also saw participation from Kunal Shah (Cred founder), Alok Bansal (Policybazaar co-founder), Ramakant Sharma (Livspace co-founder), Hardik Pandya (cricketer) and Krishna Bhupal (Promaxo co-founder), the company said in a statement. The company earlier this year had announced that it was the only player in the P2P lending space in the country to have turned profitable. The company has already disbursed more than Rs 1,200 crore worth of loans in this fiscal alone. The company aims to invest heavily in innovating and upgrading its proprietary tech-stack platform to aid and upkeep the growth in its customer base whilst supporting all kinds of banking operations conducted on its platform," the statement noted. 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. LenDenClub on Tuesday said it has raised $10 million (about Rs 75.3 crore) in a funding round from a clutch of investors, including Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund and others, valuing the peer-to-peer (P2P) lending platform at more than $51 million. Founded in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub currently has over 2.5 million borrowers and 1 million investors and has registered loan disbursements worth more than Rs 2,000 crore.