Online peer-to-peer lending platform LenDenClub has raised $1 million (approximately Rs 7.16 crore at current exchange rates) in its pre-Series A round led by Artha Venture Fund, the company said in a statement on Thursday.
The company will use the funds to boost its operations apart from expanding its lending footprints in over 500 cities, including disbursing more than four lakh loans every year, it added.
Other investors that participated in the round include family offices such as the United Arab Emirates-based Transworld Group and angel investors such as Shuchi Kothari, Ramakant Sharma, Narendra Karnavat and Nandi Mehta.
LenDenClub, which is operated by Innofin Solutions Pvt. Ltd, was founded by Dipesh Karki and Bhavin Patel in 2014. It connects lenders looking for high returns with creditworthy borrowers looking for personal loans up to 24 months. The firm approves loans after an 18-hour time gap upon request and disburses loans in three days.