LenDenClub, a peer-to-peer (P2P) lending platform, has raised $10 million in its Series A round co-led by a clutch of investors such as Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund, Kunal Shah and others.
According to the Mumbai-based startup, the fresh capital will be used in expansion, taking its loan book growth to $1 billion and upscaling the user-base to 10 million from the current 2.5 million by FY23.
Founded in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub provides an alternate investment opportunity to investors or lenders looking for high returns with creditworthy borrowers looking for short term personal loans.
With the current round of funding, LenDenClub valued more than $51 million, now aims to scale up substantially, eyeing a 5X growth in disbursals in the next 18 months.
The startup currently claims to have over 2.5 million borrowers and 1 million investors and has registered loan disbursements worth over Rs 2,000 crore, of which disbursals worth Rs 1,200 crore were achieved in the first 6 months of FY22 alone.
