LoanKuber will 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 has raised a Pre-Series A round of INR 13 Cr led by Lets Venture and participated by Inflection Point Ventures among other investors. LoanKuber will 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 MSME’s in the next 12 months as part of its expansion plan.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “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 in the trap of shady loan apps or sharks who levy high interest rates 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. 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.
LoanKuber has an experienced management team with combined 60 years of experienced in mortgage lending in NCR and is currently operational in 10 cities across NCR (Delhi, Gurgaon, Noida, Faridabad, Pilkhuwa, Hapur, Sonipat, Muradnagar, Baghpat and Modinagar).
Saurabh Nagpal, Founder, LoanKuber is an alum of IIT Delhi and New York University. He has 15 years’ experience across Computational Finance/ mortgage lending / high yield credit in US and Indian Markets. He started his career in Emerging Market Mortgages in New York and has led more than $1 billion financing transactions across residential and commercial mortgages. He shares, “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 platform for the MSMEs.”
Source: Business World