LenDenClub

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LenDenClub
Company typePrivate
IndustryFinancial
Founded2015
HeadquartersMumbai, Maharashtra, India
Area served
India
Key people
Bhavin Patel (Co-Founder & CEO)
Dipesh Karki (Co-founder & CTO)[1]
Websitewww.lendenclub.com

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]

  1. ^ "Forbes India Innovation Dialogues: Making Cloud Work For You". Forbes India.
  2. ^ Sharma, Aprajita (2021-04-28). "14% return in a year: P2P lending catches investors' eyes". Business Today. Retrieved 2024-02-11.
  3. ^ Pillai, Kavya (2023-05-01). "LenDenClub: India's Largest Peer-to-Peer Lending Platform". Entrepreneur.
  4. ^ Pillai, Shalini (2016-04-12). "Venture Catalysts funds LenDen Club". The Times of India. ISSN 0971-8257. Retrieved 2024-02-11.
  5. ^ Mishra, Aparna (2016-04-12). "Peer-To-Peer Lending Platform LenDenClub Gets Seed Funding". Inc42 Media. Retrieved 2024-02-11.
  6. ^ a b Khatri, Bhumika (2019-08-29). "LenDenClub Raises $1 Mn Pre-Series A Funding Led By Artha Venture Fund". Inc42 Media. Retrieved 2024-02-11.
  7. ^ Kaushal, Teena Jain (2023-07-12). "Rise of P2P lending platforms: Why users need to exercise caution before diving into it". Business Today. Retrieved 2024-02-11.
  8. ^ a b Thanawala, Hiral (2022-08-30). "Can LenDenClub deliver on its intent of 12% return on P2P product? A Moneycontrol review". Moneycontrol. Retrieved 2024-02-11.
  9. ^ "BharatPe Redefined India's Payment Ecosystem. The Unicorn Now Wants To Challenge India's Banks". Forbes India. Retrieved 2024-02-11.
  10. ^ Bhakta, Pratik (2023-11-29). "P2P companies log revenue jump, thanks to business partnerships". The Economic Times. ISSN 0013-0389. Retrieved 2024-02-11.
  11. ^ "LenDenClub's campaign raises awareness on P2P lending through Samir Kochhar". The Economic Times.
  12. ^ Bhakta, Pratik (2023-06-06). "After online payments, digital loans, now P2P lending under RBI lens". The Economic Times. ISSN 0013-0389. Retrieved 2024-02-11.
  13. ^ a b Mahtta, Priyal. "LenDenClub to invest in six fintech startups under incubator program". VCCircle. Retrieved 2024-02-11.
  14. ^ Kumar, Naveen (2022-07-29). "Earn 10-12% return on this P2P debt product by LenDenClub: Should you invest?". The Economic Times. ISSN 0013-0389.
  15. ^ Livemint (2022-04-12). "LenDenClub launches fintech venture fund to support start-ups". mint.
  16. ^ "Bits and Bytes: Know about startup, business news in Pune". Hindustan Times. 2022-10-29. Retrieved 2024-02-11.
  17. ^ "Lending Platform Enable ESOP Liquidity". BW Disrupt.
  18. ^ "Hardik Pandya chooses to invest 'hatke' in new LenDenClub's ad - ET BrandEquity". ETBrandEquity.com.
  19. ^ "Technology Fast 50 | 2023 winners report". Deloitte India.
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