LenDenClub
19°10′27.5797″N 72°50′39.9833″E / 19.174327694°N 72.844439806°E
 | |
| Company type | Private |
|---|---|
| Industry | Financial |
| Founded | 2015 |
| Headquarters | Unit No. 1006, 10th Floor, DLH Park, Swami Vivekananda Road, Malad, Sunder Nagar, Goregaon West, Mumbai, Maharashtra - 400062 , India |
Area served | India |
Key people | Bhavin Patel (Co-Founder & CEO) Dipesh Karki (Co-founder & CTO)[1] |
| Parent | Innofin Solutions |
| Website | lendenclub |
LenDenClub is an Indian P2P lending platform owned and operated by Innofin Solutions.[2] Founded in 2015, the company's headquarters are situated in Mumbai, India.[3]
History
[edit]LenDenClub was founded by Bhavin Patel and Dipesh Karki in 2015 as a web-based platform. In 2016, the company received funding in a seed round led by Venture Catalysts and launched an Android-based application to connect borrowers with individual lenders.[4] As of 2016, LenDenClub had 700 lenders and 1,120 borrowers.[5] In 2018, LenDenClub raised another $1.5 million in its Pre-series A round,[6] and its parent company Innofin received a license from Reserve Bank of India to operate as an NBFC-P2P company.[7] By 2019, the company expanded its operations to six states.[6] In December 2019, the RBI increased the lending limit on P2P platforms to Rs 50 lakh, up from the previous limit of Rs 10 lakh.[8]
In 2021, LenDenClub was chosen to participate in the Microsoft for Startups program and its co-founders Bhavin Patel and Dipesh Karki were featured in the Businessworld's BW Disrupt 40 Under 40 list. LenDenClub works with fintech companies such as BharatPe,[9] PhonePe, Google Pay,[10] and announced its collaboration with Samir Kochhar, to launch its first brand campaign.[11][12]
In December 2021, LenDenClub received $10 million in series A round funding, with participation from various investors at a valuation of $51 million.[13] In 2022, the company launched a Fixed-Maturity P2P Plan (FMPP), which enables its members to lend money for a fixed tenure.[8][14] In April 2022, 'LenDenClub Alpha,' a corporate venture, was launched to provide mentorship and support to early-stage startups during their seed and pre-Series stages.[15] Also, in october, LenDenClub started The Bharat Fintech Program’ in association with Reseau and announced a ₹2 crores investment in rural fintech startups.[16] The company participated in a fundraise round for Hubbler, a no-code platform.[13] LenDenClub is the first P2P lending company to enable ESOP (Employee Stock Ownership Plan) liquidation for its employees.[17] In 2023, LenDenClub appointed Indian cricketer Hardik Pandya as its brand ambassador.[18]
Awards
[edit]References
[edit]- ^ "Forbes India Innovation Dialogues: Making Cloud Work For You". Forbes India.
- ^ Sharma, Aprajita (28 April 2021). "14% return in a year: P2P lending catches investors' eyes". Business Today. Retrieved 11 February 2024.
- ^ Pillai, Kavya (1 May 2023). "LenDenClub: India's Largest Peer-to-Peer Lending Platform". Entrepreneur.
- ^ Pillai, Shalini (12 April 2016). "Venture Catalysts funds LenDen Club". The Times of India. ISSN 0971-8257. Retrieved 11 February 2024.
- ^ Mishra, Aparna (12 April 2016). "Peer-To-Peer Lending Platform LenDenClub Gets Seed Funding". Inc42 Media. Retrieved 11 February 2024.
- ^ a b Khatri, Bhumika (29 August 2019). "LenDenClub Raises $1 Mn Pre-Series A Funding Led By Artha Venture Fund". Inc42 Media. Retrieved 11 February 2024.
- ^ Kaushal, Teena Jain (12 July 2023). "Rise of P2P lending platforms: Why users need to exercise caution before diving into it". Business Today. Retrieved 11 February 2024.
- ^ a b Thanawala, Hiral (30 August 2022). "Can LenDenClub deliver on its intent of 12% return on P2P product? A Moneycontrol review". Moneycontrol. Retrieved 11 February 2024.
- ^ "BharatPe Redefined India's Payment Ecosystem. The Unicorn Now Wants To Challenge India's Banks". Forbes India. Retrieved 11 February 2024.
- ^ Bhakta, Pratik (29 November 2023). "P2P companies log revenue jump, thanks to business partnerships". The Economic Times. ISSN 0013-0389. Retrieved 11 February 2024.
- ^ "LenDenClub's campaign raises awareness on P2P lending through Samir Kochhar". The Economic Times.
- ^ Bhakta, Pratik (6 June 2023). "After online payments, digital loans, now P2P lending under RBI lens". The Economic Times. ISSN 0013-0389. Retrieved 11 February 2024.
- ^ a b Mahtta, Priyal. "LenDenClub to invest in six fintech startups under incubator program". VCCircle. Retrieved 11 February 2024.
- ^ Kumar, Naveen (29 July 2022). "Earn 10-12% return on this P2P debt product by LenDenClub: Should you invest?". The Economic Times. ISSN 0013-0389.
- ^ Livemint (12 April 2022). "LenDenClub launches fintech venture fund to support start-ups". mint.
- ^ "Bits and Bytes: Know about startup, business news in Pune". Hindustan Times. 29 October 2022. Retrieved 11 February 2024.
- ^ "Lending Platform Enable ESOP Liquidity". BW Disrupt.
- ^ "Hardik Pandya chooses to invest 'hatke' in new LenDenClub's ad - ET BrandEquity". ETBrandEquity.com.
- ^ "Technology Fast 50 | 2023 winners report". Deloitte India.