Lets Venture, Inflection Point Ventures backs digital mortgage platform LoanKuber
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.
LoanKuber said it will use the fresh funds to build and expand the team, enhance the existing tech stack and grow its loan book to Rs 75 crore in the next 12 months. LoanKuber aims to onboard over 1000 MSME’s in the next 12 months as part of its expansion plan.
LoanKuber is currently operational in 10 cities across NCR (Delhi, Gurgaon, Noida, Faridabad, Pilkhuwa, Hapur, Sonipat, Muradnagar, Baghpat and Modinagar).
Operated by Sociallending Technologies And Holdings Pvt Ltd, the firm was founded by Saurabh Nagpal in 2016, It provides provides mortgage loans from Rs 3-10 lakh to MSMEs and semi-skilled professionals.
Nagpal is an alum of IIT Delhi and New York University who has over 15 years’ experience in computational finance, mortgage lending , high yield credit in US and Indian Markets.
“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.
The investment marks IPV’s 44th deal for 2021, it has invested in 104 deals so far, with Rs. 316 crore investments done to date, it said in a statement.
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