LoanKuber, a digital mortgage platform focused on micro, small and medium enterprises (MSMEs), has raised Rs 13 crore (around $1.7 million) led by Lets Venture with participation from Inflection Point Ventures.
The company will use the proceeds towards building and expanding the team, enhancing the existing tech stack and growing its loan book to Rs 75 crore in the next 12 months. LoanKuber aims to onboard 1,000 MSMEs on its platform in the next 12 months as part of its expansion plan, reported Business Standard.
“LoanKuber is solving a big problem of lending in India. We know that banks are not designed to lend to a majority of the population who often fall into the trap of shady loan apps or sharks who levy high-interest rate and indulge in unethical practices. By digitizing the entire lending process, they have the ability to bring a large no. of loan seekers into a formal credit system and help them build a credit history.” Mitesh Shah, co-founder, Inflection Point Ventures said.
LoanKuber was founded in 2017 by Saurabh Nagpal, who is an alumnus of IIT Delhi and New York University. He has 15 years of experience across computational finance and high yield credit in the US and Indian markets, and claims to have led more than $1 billion of financing transactions across residential and commercial mortgages.
The platform enables MSMEs to take loans against owned residential collateral. The company co-lends with larger financial institutions and is currently operational in 10 locations across NCR such as Delhi, Gurgaon, Noida, and Faridabad, among others.
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