LenDenClub launches its operations in Hyderabad; eyes further expansion in the state of Telangana over the next six months2 years ago Saritha Keshamoni
Aims to leverage its latest geographical expansion for its long-term growth vision while targeting loan disbursals worth INR 100 crore through its platform over the next 12months
LenDenClub, one of the fastest growing peer-to-peer (P2P) lending platforms in India, has announced the launch of its operations in the city of Hyderabad. As a part of its expansion strategy, the company has selected a number of state capitals across various regions of the country where it plans to establish its presence, and then expand its services to tier-1 and 2 cities, followed by other towns. With its plans to create a wider footprint in the state of Telangana, LenDenClub chose Hyderabad for its current expansion phase as the city is also a major hub of the IT industry and houses a large number of young professionals who are among the largest users of digital lending services in the country.
Hyderabad is a huge and fast-growing market for consumer loans and LenDenClub expects approximately 5-10% of its loan requests to originate from Telangana in the next six months. The latest geographical expansion also underlines LenDenClub’s long-term vision to reach more salaried individuals across the country through its tech-enabled P2P lending platform. By further leveraging its expansion into Telangana, along with other locations included in its future expansion plans, the platform aims to disburse loans worth INR 100crore in the next 12months. At the same time, it looks to further its mission of driving the highest levels of ease and efficiency in availing credit for consumers, and in the shortest possible time.
Bhavin Patel, Co-Founder and CEO, said, “By launching our operations in Hyderabad, we are reiterating our commitment to empowering individuals across the country by facilitating greater accessibility to affordable credit in a prompt manner. We are confident that consumers in Hyderabad and the state of Telangana will appreciate the ease and convenience of transacting through LenDenClub’s platform. With this expansion, we are positive of disbursing 1,000-2,000 loans in Hyderabad in the next six months.”
LenDenClub currently has over 30,000+ registered borrowers and around 9,000 lenders on the platform. It assesses more than 50,000 borrowers on a monthly basis. The automated, easy to use and transparent P2P lending platform ensures that the credit requirements of salaried individuals are met quickly and efficiently. By directly connecting lenders and borrowers in a peer-to-peer ecosystem, it eliminates the usual long processes and high intermediary costs to disburse funds to borrowers in as little as 3 hours.
Having been granted the NBFC-P2P status from theRBI, LenDenClub is now looking to expand its borrower base to tier I and II cities of India. In addition, with its recently launched InstaMoney app, the brand aims to tap potential lenders and borrowers in the mobile and app-based ecosystem as well, thereby substantially enhancing its target audience and potential user base.
LenDenClub is the new-age P2P platform aims to foster financial inclusion by leveraging technology to support borrowers with hassle-free loans, even in the remotest parts of the country. LenDenClub currently enjoys a borrower base of over 30000, while a lender base of more than 9000. While the lenders at the platform are spread all across India to even NRIs, the borrowers are currently active in certain cities of the country. With its InstaMoney app, the brand is on an embarking journey to achieve greater heights in having potential lenders and borrowers in the mobile and app-based ecosystem, enhancing its target audience and potential user base manifold. LenDenClub has raised $500,000 almost Rs.3.5crore in equity investment from three major investors Venture Catalyst, Anirudh Damani, and Artha Venture Fund – I. The company is profitable now.