Tech

Loan Kuber, Digital’s First Automatic Mortgage Platform, Raised Rs 1.3 Billion in Pre-Series A

With the production of dozens of unicorns in 2021 and record capital reigning from both global and domestic investors, it’s no wonder Indian companies are benefiting tremendously. Now that we are approaching the end of this year and the beginning of another year, startups continue to raise money like never before. This time around, Loan Kuber, a digital-first automated mortgage platform, raised rupees 1.3 billion in a pre-series A round.

“Loan Kuber solves a major lending problem in India. Banks are the majority of the population that often fall into dubious loan apps and shark traps that impose high interest rates and indulge in unethical practices. We know that they are not designed to lend to. By digitizing the entire lending process, they can bring big numbers. Putting the person seeking a loan into a formal credit system. , Helping them build a credit history. MSME lending is an untapped market and we are confident that LoanKuber has built the right technology stack to deploy services for this segment. ” Said Mitesh Shah, co-founder of Inflection Point Ventures. IPV has invested Rs 31.6 billion in 104 transactions so far, and Loan Kuber is the 44th transaction this year. The Angel Investment Platform aims to invest Rs 15.5 billion in more than 60 startups by the end of the year.

The round was led by Lets Venture and included the participation of Inflection Point Ventures and other investors. According to the startup, the round revenue will be used to build and expand the current team, strengthen the existing technology stack, and increase the loan book to Rs 7.5 billion over the next 12 months. The startup also plans to have 1000 MSMEs in the next 12 months.

Founded by IIT Delhi Alumni Saurabh Nagpal, 4-year-old Loan Kuber is the first digital automated mortgage platform for semi-skilled professionals, small SMEs, and daily services for business expansion of £ 30,000-100,000. We provide mortgages. , Up to 7 years holding period for owned housing mortgage. It is diversified compared to regional MSME lenders and is the lowest cost mortgage lender due to its lowest cost of capital, and its automated platform allows startups to lend to larger financial institutions. I can do it.

The startup is based in 10 cities across NCR: Delhi, Gurgaon, Noida, Faridabad, Pilkwa, Harple, Sonipat, Mladnagar, Bagpat and Modinagar.

LoanKuber recently raised $ 1.25 million as part of Pre-Series A financing, along with experienced management (with a total of 60 years of experience in mortgage lending at NCR) for micro SMEs of US $ 200 billion. We plan to close the mortgage lending gap.

Loan Kuber, Digital’s First Automatic Mortgage Platform, Raised Rs 1.3 Billion in Pre-Series A

Source link Loan Kuber, Digital’s First Automatic Mortgage Platform, Raised Rs 1.3 Billion in Pre-Series A

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