LoanKuber Raises $2 Million In Series A FundingThe fund raised will be used to rapidly scale AUM, improve the existing technology stack as well as to build and expand the team
ByTeena Jose•
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Fintech company LoanKuber, a digital mortgage platform for micro-SMEs, has raised $2 million as part of its ongoing Series A funding round led by Inflection Point Ventures. The round also saw participation from Accolade Holdings, LetsVenture, Family offices, and Marquee Angel Investors including Prashant Tandon (founder 1Mg ), Pankaj Vermani (founder, Clovia), and PE Veteran Vishal Gupta (TA Associates). The fund raised will be used to rapidly scale AUM, improve the existing technology stack as well as to build and expand the team.
"The funds will be used to further fuel our mission of offering innovative and affordable mortgage solutions to micro-SMEs and the next half billion Indians. The current fundraising will help us further invest in the team, technology, and operations to fulfill our mission. We are not just building a mortgage lending business; we are also transforming the lives of the next 500 million people by unlocking the economic value of semi-urban and rural properties with our mortgage solutions," said Saurabh Nagpal, CEO, LoanKuber.
The company has created hybrid acquisition channels that include a digital connector platform, lead generation platform, and low-cost branches reducing customer acquisition costs by 30%. It also aims to build an AUM of INR 200 crore in the next 15 months as part of its expansion plan, claimed by the company in a statement.
"We're deeply impressed by the LoanKuber team and their meticulous execution. We have invested in the company from their pre-Series A stage and continue to back their vision as they grow at a healthy rate and address a huge financing gap which exists today in the Indian MSME sector," said Mitesh Shah, co-founder, Inflection Point Ventures.
Founded by Saurabh Nagpal, LoanKuber provides customized mortgage loans to underserved MSMEs and is amongst the rare startups to achieve profitability early on in their journey.
