P2P Lending Startup LenDenClub raises $10 million

• ByTejika Bajaj     |    December 8, 2021

P2P lending startup LenDenClub recently revealed that it has raised $10 million in a funding round through a clutch of investors including Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund and others thus valuing the startup at a whopping $51 million.

The round also saw participation from angel investors and prominent entrepreneurs like Kunal Shah (Cred founder), Alok Bansal (Policybazaar co-founder), Ramakant Sharma (Livspace co-founder), Hardik Pandya (cricketer) and Krishna Bhupal (Promaxo co-founder) among others.

The startup aims to utilize the latest funds for expanding substantially, eyeing a 5X growth in disbursal in the next 18 months. 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.

Giving an official statement regarding the recent infusion of capital, the team of LenDenClub announced, “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 FY 2022-23. 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.”

Founded in 2016 by Bhavin Patel and Dipesh Kakari, LenDenClub offers a host of financial services to its clients thus transitioning the digital banking model. The startup claims to have over 2.5 million borrowers and 1 million investors in its portfolio. It currently has two high-growth loan products- InstaMoney (for salaried customers) and small business loans (for merchants and shopkeepers). 

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