MSME lending platform LoanKuber has raised a Rs 13 crore pre-Series A round led by Lets Venture and with participation from Inflection Point Ventures, among other investors.
The company will use the proceeds to build and expand the team, improve the existing technology stack and increase its loan portfolio to Rs 75 crore over the next 12 months. LoanKuber aims to integrate 1,000 MSMEs on its platform over the next 12 months as part of its expansion plan.
Mitesh Shah, co-founder of Inflection Point Ventures, said: “We know that banks are not designed to lend to a majority of the population who often fall for shady loan applications or sharks applying high interest rates and engage in unethical practices. practices.”
“We believe that loans to MSMEs are still an untapped market and LoanKuber has built the right technology stack to deploy their services for this segment,” he added.
The platform allows MSMEs to take out loans against held residential collateral. The company co-lends with larger financial institutions and is currently operational in 10 locations across the NCR, such as Delhi, Gurgaon, Noida and Faridabad, among others.
LoanKuber was founded in 2017 by Saurabh Nagpal, alumnus of IIT Delhi and New York University. He has 15 years of experience in computer finance and high yield credit in the US and Indian markets, and claims to have conducted over $ 1 billion in residential and commercial mortgage financing transactions.