tech2 News StaffApr 13, 2016 13:40:23 IST
Indian Seed Investment platform Venture Catalyst has recently invested seed funding in a peer-to-peer lending platform, LenDen Club. Investors including Anirudh Damani, Daud Ali, Narendra Karnavat, Vikas Kapoor, Vikram Lakhotia, Krishna Jhunjhunwaala and Jayesh Shah participated in the funding.
LenDen Club is a fintech startup connecting salaried borrowers to individual lenders. Currently operating as a web-based platform, LenDen Club 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 utilise the seed funds into further enhancing the platform and ultimately create an end-to-end online lending process.
Anirudh Damani, Angel Investor at Venture Catalyst 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 LenDen Club 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.”
Commenting further on the recent development, Dr. Apoorv Ranjan Sharma, co-founder, Venture Catalyst, commented, “Peer-to-peer lending is a disruptive concept in itself, especially in regards to the present day economy. We further have complete faith in the founding team, and believe in their potential to create an excellent product, given the right amount of assistance and mentoring. "
Bhavin Patel, Co-Founder & CEO, LenDen Club, said “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.”
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