New Delhi, NFAPost: Upcoming digital-first mortgage platform LoanKuber raised Rs 13 crore in a pre-series A from venture funds like Inflection Point Ventures (IPV) and LetsVenture to build and expand its team.
“Besides expanding the team, we will use the proceeds (seed fund) to enhance our tech stack and loan book to Rs 75 crore in the next 12 months,” said Delhi-based start-up’s founder Saurabh Nagpal in a statement on Monday.
As part of its expansion plan, the mortgage firm will onboard 1,000 micro, small and medium enterprises (MSMEs) in the next 12 months.
“LoanKuber is solving a big problem of lending across the country. As banks are not designed to lend to a majority of people who fall into debt trap of shady loan apps (applications), which levy high interest rates,” said IPV co-founder Mitesh Shah.
By digitising the lending process, the start-up has the ability to draw a large number of loan seekers into a formal credit system and help them build a credit history.
“As MSME lending is still an untapped market, LoanKuber has built the right tech stack to roll out its services for this segment,” said Shah.
IPV’s investment in LoanKuber is its 42nd deal during this year even as it plans to invest Rs 155 crore in over 60 start-ups by this year-end.
IPV has inked 104 deals and invested Rs. 316 crore till date. The automated mortgage platform enables lending MSMEs against their residential property as collateral.
“The platform enables us to lend with larger financial institutions, allowing them to be the lowest cost mortgage lender,” said Nagpal.
With a combined 60 years of expertise in mortgage lending, LoanKuber operates in 10 cities across the national capital region (NCR).
An alumni of IIT-Delhi and New York University in the US, Nagpal has 15 years’ experience across computational finance, mortgage lending, high yield credit in US and Indian markets.
