Hyderabad: LenDenClub, a peer-to-peer (P2P) lending platform, launched its operations in Hyderabad. It will also expand to other cities later.
LenDenClub chose Hyderabad as the city is 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. It expects 10 per cent of its loan requests originate from Telangana in the next six months.
It is aiming to disburse loans worth Rs 100 crore in 12 months.
“We will facilitate accessible and affordable credit in a prompt manner. We are positive of disbursing 1,000-2,000 loans in Hyderabad in six months,” said Bhavin Patel, co-founder and CEO.
LenDenClub, which has a NBFC-P2P status from the RBI, has over 30,000 registered borrowers and around 9,000 lenders on its platform. It assesses more than 50,000 borrowers on a monthly basis.
It recently launched InstaMoney app to tap potential lenders and borrowers. It had earlier raised about Rs 3.5 crore in equity investment from three major investors Venture Catalyst, Anirudh Damani, and Artha Venture Fund – I, a release said.