Bengaluru: Indian seed investment and innovation platform, Venture Catalyst notifies that it has invested an undisclosed amount of seed funding in LenDenClub, a peer-to-peer lending platform Some of the veteran investors from Venture Catalyst such as Anirudh Damani, Daud Ali, Narendra Karnavat, Vikaskapoor, Vikram Lakhotia, Krishna Jhunjhunwaala and Jayesh Shah also participated in this round. The fresh funds will help LenDenClub to strengthen its business platform and accelerate its customer portfolio.
Speaking on the investment, Anirudh says, “Unstructured P2P lending has been going on for centuries and while the world has moved on to structured P2P lending the space is at a nascent stage in India but the demand for such a platform is quite high. Which is why LenDenClub has solid prospects as it concentrates on creating a good supply of borrowers for yield/return hungry (small or large) investors who are flush with liquidity. We are excited to invest in LenDen and will follow-on in later rounds”.
Incepted by DipeshKarki and Bhavin Patel in 2014, LenDenClub is a fin-tech startup that connects borrowers to individual lenders. Presently operating as an online platform, the company considers a combination of traditional and non-traditional data points to validate the credit-worthiness of the lender. Having arranged more than 150 loans till date, the Founders plan to invest the seed funds into further enhancing the platform and ultimately create an end-to-end online lending process.
“We wanted to bring traditional lending on digital platform. Securing seed funding at such a nascent stage gives us the boost we have been looking for. This will allow us to further improve the platform and reach out to more users. Eventually, we hope to become one of the most widely accessed peer-to-peer lending platforms,” says Bhavin.