LenDenClub selected for ‘Microsoft for Startups’
LenDenClub, India’s leading Peer-to-Peer(P2P) lending company, today announced its induction into ‘Microsoft for Startups’, a global program dedicated to accelerating the growth trajectory of high-potential start-ups. The engagement will help LenDenClub leverage Microsoft’s technology and innovation to build a robust tech ecosystem and reduce NPAs to less than 1%. This comes at a time when LenDenClub has been consistently achieving the lowest NPAs in the industry. Additionally, the technology backed program will aid in further accelerating the company’s future growth plans in expanding its market footprint whilst tackling operational bottlenecks including frauds.
‘Microsoft for Startups’ is a global initiative by Microsoft that helps tech startups develop and scale their organisation. It recognises companies that offer a ground-breaking tech-backed solution to help customers transform digitally.
LenDenClub will use Microsoft Azure’s comprehensive machine learning (AI/ML) capabilities to reach a wide-scale audience in a short time, with built-in redundancy and security. Apart from technology, the platform will provide us an access to network companies of Microsoft, spread across the country and globe for collaborations besides mentorship and business support.
Speaking on the occasion, Bhavin Patel, Founder & CEO, LenDenClub, said, “We’re honoured to be among such a select group of companies from around the world chosen to join the ‘Microsoft for Startups’ program, and we plan to leverage this excellent opportunity to its fullest. This recognition comes in at a critical juncture, as we are preparing to transition to a new growth phase. In our journey so far, on the back of innovative technology and expertise, we have transformed ourselves into a revenue generator. As we grow and evolve we aim to leverage technology optimally to further accelerate the financial inclusion agenda to support borrowers with hassle-free loans, even in the remotest parts of the country, besides offering a new-age investment option for investors.”
Speaking on the occasion, Dipesh Karki, Co-founder & CTO, LenDenClub, said, “It is a motivational moment for us. Accessing Microsoft’s high-end technological capabilities, including AI and ML, will accelerate our systems. The benefits of the program are remarkable. With its usage, we aim to provide an experience to our customers and partners. Our tech infrastructure will get further strengthened from any frauds or data breaches with our collaboration.”
LenDenClub, over the years, has reflected steady & consistent growth that has led to the selection for the program. The P2P lending platform that offers a host of technology backed innovative solutions has witnessed exponential growth and achieved many milestones since its inception. The platform has witnessed 16X growth in its lending activity, which has grown from 60 crores of annual disbursals in FY20 to 1,000 crores in the current year. It is the only company to become profitable in the P2P lending space. Additionally, in the financial year 2020-21 alone, it crossed more than 500 crores of loan disbursements. Additionally, it expanded its flagship digital lending platform InstaMoney to pan-India, available across all 19,000 pin codes. The company has one of the lowest NPA in the unsecured digital lending space at 3.95% as of March 31st 2021.