The online lending platform, LenDenClub has lately received INR 7.16 crore in the funding round, according to the media report.
Online peer-to-peer lending platform LenDenClub has raised $1 million (approximately Rs 7.16 crore at current exchange rates) in its pre-Series A round led by Artha Venture Fund, VC Circle reported citing LenDenClubs statement.
The company will use the funds to boost its operations apart from expanding its lending footprints in over 500 cities, including disbursing more than four lakh loans every year, the company added.
Other investors that have partaken in the funding round are family offices like UAE-headquartered, Transworld Group and angel investors like Narendra Karnavat, Ramakant Sharma, Nandi Mehta, and Shuchi Kothari.
LenDenClub, which is administered by Innofin Solutions Pvt. Ltd was established by Bhavin Patel and Dipesh Karki in 2014. The company bridges lenders seeking high-interest returns with trustworthy money borrowers, who want loans for a period up to two years. It agrees to credit to the borrowers following 18 hours gap on the users request and pays out loans in three days.
In October 2017, the company raised $5 million from an undisclosed sum of Mumbai-based VC fund and existing investors, Venture Catalysts as well as Artha India Ventures.