LoanKuber secures $2 million funding round led by Inflection Point Ventures for Mortgage Platform
- ByStartupStory | February 16, 2023
LoanKuber, a fintech startup that operates a digital mortgage platform for MSMEs, announced on Thursday that it has secured $2 million in funding as part of its ongoing Series A round. The funding was led by Inflection Point Ventures, with participation from Accolade Holdings, LetsVenture, family offices, and renowned angel investors such as Prashant Tandon, Pankaj Vermani, and Vishal Gupta.
LoanKuber plans to utilize the $2 million it raised in its Series A round to accelerate the growth of its assets under management (AUM), enhance its current technology infrastructure, and expand its team. The company aims to achieve an AUM of ₹200 crore within the next 15 months as part of its expansion strategy.
According to LoanKuber CEO Saurabh Nagpal, the $2 million raised in the Series A round will be utilized to advance the company’s objective of providing innovative and cost-effective mortgage solutions to micro-SMEs and the next 500 million Indians. The additional funding will enable the company to increase its investment in its team, technology, and operations to achieve its mission.
LoanKuber was founded in 2017 by Saurabh Nagpal, who is an IIT Delhi alumnus. The company specializes in providing tailor-made mortgage loans to underprivileged Micro, Small, and Medium Enterprises (MSMEs). According to a statement by the company, the mortgage financing void for MSMEs in India is believed to be around $300 billion.
Inflection Point Ventures co-founder, Mitesh Shah, stated that LoanKuber has established a highly profitable and cost-effective business over the past year. The investment firm has been supporting the company since its Pre-Series A phase and continues to endorse its mission as it expands at a steady pace to address the significant financing void that currently exists in the Indian MSME sector.
Loankuber has developed an automated platform for institutional co-lending that facilitates micro-mortgages. This enables the end-customer to receive competitive pricing while generating high yields on the company’s NBFC balance sheet, according to the company’s statement.
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