LoanKuber has raised INR 13 crore in a Pre-Series A to expand the team, improve the existing tech stack, and rapidly grow LoanKuber’s loan book to Rs 75 crore in the next 12 months. As part of its expansion strategy, LoanKuber plans to onboard 1000 MSME’s in the next 12 months.
LoanKuber is a digital-first automated mortgage platform that allows Micro-SMEs to lend against their own residential property. LoanKuber’s automated technology allows them to lend with larger financial institutions, allowing them to be the lowest-cost mortgage lender by having a diversified and low-cost of capital as compared to regional MSME Lenders.
LoanKuber aims to solve a big lending problem in India
“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.” Mitesh Shah, Co-Founder, Inflection Point Ventures says.
LoanKuber 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 added, “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.”
The investment headed by Lets Venture and with participation from Inflection Point Ventures and others.
