Delhi-based peer to peer peer lending and credit marketplace startup Lendbox has raised ₹6 crore in a pre-series A round led by IvyCap Ventures
Bengaluru, 26 Nov, 2018. RedNewswire/-
Lendbox is a peer-to-peer lending online lending platform. It aims to help borrowers to get money at low interest rate and lenders to get high returns on their investments.
LendBox was founded in 2015 by Ekmeet Singh, Bhuvan Rustagi and Jatin Malwal. It uses over 100 data points to assess a borrower’s credit-worthiness, including CIBIL scores, social, professional and behavioural analysis, and financial data such as salary and credit card limits.
On seeing a similar offer from a listed party, they can directly contact each other to proceed further. It claims to ensure safety during transactions, the lenders and borrower profiles are listed after a thorough check and analysis.
The funds raised will be used to strengthen risk-assessment procedures, customer-support services as also its back- and front-end technology platform.
LendBox is targetting a fivefold growth in 12 months across both revenue and transaction volumes and value. The firm currently services almost 100 cities in India.
Vikram Gupta, founder and managing partner at IvyCap Ventures,said, there is a tremendous opportunity to organise India’s massive unorganised consumer finance industry and serving those outside the purview of traditional financial institutions.
“The RBI guidelines have been an important step in the right direction, even if still small, for the P2P lending space in India, giving us the confidence to invest in LendBox,” said Vikram Gupta, founder of IvyCap Ventures. “The potential to capture the mid- and low-segment market is large and if a firm can do that well, the value one is sitting on is phenomenal.”
Lendbox’s team come from diverse backgrounds with experience in investment banking, consulting, technology, e-commerce and startup management. Aakanksha Sharma, vice president at IvyCap Ventures, will join the board of Lendbox.