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New Delhi based micro-financing platform, LoanKuber has raised Rs 13 crore in pre-Series A round funding led by LetsVenture in participation with Inflection Point Ventures and other investors.
The startup plans to use the proceeds towards building and expanding the team, enhancing the existing tech stack, and rapidly growing its loan book to Rs 75 crore in the next 12 months.
LoanKuber aims to onboard 1000 MSMEs in the next 12 months as part of its expansion plan.
Speaking on the Investment, Mitesh Shah, Co-Founder, Inflection Point Ventures said, “By digitizing the entire lending process, they can bring a large no. of loan seekers into a formal credit system and help them build a credit history. We believe MSME lending is still an untapped market and LoanKuber has built the right tech stack to roll out their services for this segment.”
LoanKuber is a digital-first automated mortgage platform enabling mortgage lending Micro-SMEs against owned residential collateral. The automated platform enables LoanKuber to lend with larger financial institutions, allowing them to be the lowest cost mortgage lender by having diversified and lowest cost of capital compared to regional MSME Lenders.
Commenting on the fundraise, Saurabh Nagpal, Founder, LoanKuber said, “IPV Investor community has CXO’s with vast experience in financial services and technology making them the ideal partners in our strategic vision of building transformative mortgage platforms for the MSMEs.”