LenDenClub launches its operations in Hyderabad; eyes further expansion in the state of Telangana over the next six months
LenDenClub has announced the launch of its operations in the city of Hyderabad. As a part of its expansion strategy, the company has selected a number of state capitals across various regions of the country where it plans to establish its presence, and then expand its services to tier-1 and 2 cities, followed by other towns. With its plans to create a wider footprint in the state of Telangana, LenDenClub chose Hyderabad for its current expansion phase as the city is also a major hub of the IT industry and houses a large number of young professionals who are among the largest users of digital lending services in the country.
Hyderabad is a huge and fast-growing market for consumer loans and LenDenClub expects approximately 5-10% of its loan requests to originate from Telangana in the next six months. The latest geographical expansion also underlines LenDenClub’s long-term vision to reach more salaried individuals across the country through its tech-enabled P2P lending platform. By further leveraging its expansion into Telangana, along with other locations included in its future expansion plans, the platform aims to disburse loans worth INR 100crore in the next 12months. At the same time, it looks to further its mission of driving the highest levels of ease and efficiency in availing credit for consumers, and in the shortest possible time.
Bhavin Patel, Co-Founder and CEO, said, “By launching our operations in Hyderabad, we are reiterating our commitment to empoweringindividuals across the country by facilitating greater accessibility to affordable credit in a prompt manner. We are confident that consumers in Hyderabad and the state of Telangana will appreciate the ease and convenience of transacting through LenDenClub’s platform. With this expansion, we are positive of disbursing 1,000-2,000 loans in Hyderabad in the next six months.”
LenDenClub currently has over 30,000+ registered borrowers and around 9,000 lenders on the platform. It assesses more than 50,000 borrowers on a monthly basis. The automated, easy to use and transparent P2P lending platform ensures that the credit requirements of salaried individuals are met quickly and efficiently. By directly connecting lenders and borrowers in a peer-to-peer ecosystem, it eliminates the usual long processes and high intermediary costs to disburse funds to borrowers in as little as 3 hours.
Having been granted the NBFC-P2P status from the RBI, LenDenClub is now looking to expand its borrower base to tier I and II cities of India. In addition, with its recently launched InstaMoney app, the brand aims to tap potential lenders and borrowers in the mobile and app-based ecosystem as well, thereby substantially enhancing its target audience and potential user base.
