HomeFinanceLenDenClub raises $10 Mn from Tuscan Ventures, Hardik Pandya & Others

LenDenClub raises $10 Mn from Tuscan Ventures, Hardik Pandya & Others

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India based peer-to-peer (P2P) lending platform, LenDenClub has raised $10 million in series A round funding co-led from a consortium of investors including Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund, Kunal Shah (Founder, CRED), Alok Bansal (Co-founder, Policybazaar), Ramakant Sharma (Co-founder, Livspace), Hardik Pandya (Indian Cricketer), and from Krishna Bhupal (Co-founder of Promaxo & Board member of GVK Power & Infra). 

The company earlier this year had announced that it was the only player in the P2P lending space in the country to have turned profitable.

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With the current round of funding, LenDenClub valued more than the US $51 million, now aims to scale up substantially, eyeing a 5X growth in disbursals in the next 18 months. The company has already disbursed more than 1200 crore worth of loans in this fiscal alone. 

“The fresh capital will be used in aggressive expansion, taking its loan book growth to $1 billion and upscaling the user-base to 10 million from the current 2.5 million by FY 2022-23,” the statement said.

Powered by a digital-first approach while offering its customers a smart, speedy, and easy to use, platform, LenDenClub is eyeing to offer a host of financial services as the next frontier transitioning to a digital banking model.

The company aims to invest heavily in innovating and upgrading its proprietary tech-stack platform to aid and upkeep the growth in its customer base whilst supporting all kinds of banking operations conducted on its platform. 

Additionally, the company aims to enhance its leadership strength and is eyeing strategic C-suite appointments in pursuit of its expansion goals, besides increasing the operational team size by the end of the next fiscal. It is eyeing fresh recruits for the role of tech, product, marketing, and customer service who will aid its growth plans of upscaling its presence across the country.

LenDenClub currently has over 2.5 million borrowers and 1 million investors and has registered loan disbursements worth more than Rs 2000 crore, of which disbursals worth 1200 crore were achieved in the first 6 months of FY21-22 alone thus reporting growth of 1900%.

Founded in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub leverages technology to bring borrowers and investors on the same platform – providing hassle-free instant loans to borrowers and offering new-age investment options to investors across the country. The company processes over 2.5Lakhs loan applications every month. 

The company currently has two high-growth loan products – InstaMoney for salaried customers and small business loans for merchants and shopkeepers.

Speaking on occasion, Bhavin Patel, Co-founder & CEO, LenDenClub, said, “At LenDenClub we have always emphasized leveraging technology creatively while adapting to an ever-evolving financial services marketplace. We have been constantly inventing products that yield greater returns for our investors and democratizing credit while offering market competitive rates for our borrowers.”

“Futuristic, customer centric-products and seamless digital experience offered by our platform backed by a focused market expansion approach, is what has aided the exponential growth of LenDenClub. We are privileged and delighted to bring on-board immensely diverse investors in this round and use their expertise to fuel further growth at LenDenClub. The aim is to accelerate growth while maintaining profitability on operations,” Patel added.

Commenting on the investment in LenDenClub, Anirudh A Damani, Managing Partner, Artha Venture Fund, said, “We are thrilled to see such a rich trove of investors backing a startup that we have seen grow from 1 to 2 loans a month, to doing 35,000+ loans. We are eager to see where this round of investment takes LenDenClub and the path that it charts for itself.”

LenDenClub had raised $1.5 million as part of its Pre-series A round co-led by Micro VC fund Artha Venture Fund – I, Transworld Group and Shuchi Kothari of the DSP Group in August 2019. 

The company has built a strong technology platform with this capital and has disbursed loans worth more than Rs. 2,000 crore. The company last year expanded its flagship digital loan platform InstaMoney to pan-India.

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COP28 UAE: SANY Promotes Green Manufacturing Transformation, Takes Concrete Action to Tackle Climate Challenges

CHANGSHA, China, Nov. 23, 2023 /PRNewswire/ -- SANY Group, ("SANY"), a globally leading enterprise of the high-end equipment manufacturing industry, is accentuating advancing sustainable development and the green manufacturing transformation of the heavy machinery industry, ahead of the COP28 UAE, that is set to take place from November 30 to December 12 in Dubai. The theme of the 13-day program this year is "Actionism," calling for people to rise to meet the climate change challenges.

The COP28 will center on four major paradigm shifts – namely accelerating the transition from fossil fuels, agreeing on climate finance shifts, emphasizing the role of people and nature in climate action, and ensuring the summit is an inclusive event that women, indigenous people, local communities, youth, countries and more can all be a part of.

SANY is responding actively and positively to the summit's agenda with concrete actions to promote the transformation of green manufacturing, bringing sustainable solutions to the industries of mining, construction, wind power, and more.

Taking green actions to build a sustainable future

SANY is vigorously expanding the use of green energy (renewables such as solar and wind) in production processes to reduce the reliance on traditional energy sources, lower carbon emissions, and support climate change actions. It has adopted multiple initiatives, especially in accelerating the R&D and application of wind energy, hydrogen, and electrification solutions, and achieved significant results.

SANY's subsidiary SANY Renewable Energy has been investing in and constructing wind farms to boost the proportion of wind power in the energy structure, through intelligent upgrades in manufacturing and creating intelligent workshops. By doing this, SANY Renewable Energy has reduced the overall unit energy consumption and carbon emissions by 15 percent compared to pre-upgrade.

In 2022, SANY has added more than 3,000 energy metering connections. SANY built China's first intelligent mixing station park and invested 3.22 million yuan in photovoltaic construction that will produce 900,000 kWh of power annually. The park will cut 887 tons of carbon emission, 242 tons of dust emissions, 26.7 tons of sulfide, and 13.4 tons of nitric oxide to achieve synergetic development of intelligent manufacturing and environmental conservation.

A total of 11 subsidiaries of SANY have installed photovoltaic power generation equipment, with clean energy usage amounting to 16.013 million kWh.

SANY is actively engaged in the R&D of hydrogen fuel cell technology to improve battery efficiency, reduce cost, and boost the production and storage capabilities, while expanding the applications of hydrogen energy.

Innovation-driven climate action tackles industry bottlenecks

Through establishing a green supply chain, SANY adopts renewable materials and environmentally friendly technologies to reduce resource waste and improve the sustainability of the supply chain.

SANY continues to improve the long-term mechanism for pollution prevention and control, strengthen the control of waste emissions including water, gas, and other hazardous substances, and be cautious of business and operation actions that could damage the ecological environment. In 2022, the group's wastewater and gas emissions met the standard rate of 100 percent, with a 100 percent compliance rate for hazardous waste disposal.

The group is also pushing for using environment-friendly materials to minimize pollution, so that the carbon reduction throughout the product life cycle also includes materials. In 2022, its VOCs emission density was 0.0011 tons per million revenue, a 39.71 percent reduction from the base year.

Meanwhile, the continuous upgrade of production techniques and processes, promotion of energy conservation technologies, and advancement of low-carbon technology development are not only playing key roles in improving production efficiency, but also reducing carbon footprint and aims to reach the "dual-carbon" goals.

Calling for the public's participation

SANY has been carrying out training programs and campaigns centered on environmental protection for employees, while further raising community engagement in terms of green, low-carbon, community-friendly, and educational innovation agendas. In 2022, the company employees completed 687.4 hours of volunteer work, and SANY invested 9.75 million yuan in the year to support 15 public welfare projects.

SANY Construction Industry is leading the green technology application in urban infrastructure construction to accelerate the sustainable development of cities and building intelligent cities, green transportation systems, and energy-conserving architectures to reduce energy consumption, improving urban environment quality and people's livelihoods.

In terms of biodiversity and sustainable development, SANY emphasizes the conservation of soil, ocean, crops, and animals to create a better future, and advocates a circular economy to decrease the waste of resources.

In the context of increasingly severe issues of global climate change, SANY, as a leader in the green industry, is committed to promoting sustainable development and actively joining global efforts to address climate change through comprehensive initiatives such as green supply chains, green energy, and carbon emission reduction.

For more information about SANY Group, please visit www.sanyglobal.com or follow us on Facebook or YouTube.

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