Saturday, June 3, 2023

Mortgage platform LoanKuber raises $2 million led by Inflection Point Ventures

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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 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 startup plans to use the raised capital to rapidly scale AUM, improve the existing technology stack as well as build and expand the team.

LoanKuber was founded in 2017 by Saurabh Nagpal, an alumnus of IIT Delhi and New York University, who was earlier part of the founding team of Lehman Brothers/ Nomura in India. LoanKuber provides customized mortgage loans to underserved MSMEs and is amongst the rare startups to achieve profitability early on in their journey.

The mortgage financing gap for MSMEs in India is estimated to be $300 billion. LoanKuber said it is one of the very few lenders today specifically addressing this huge opportunity which requires deep expertise and focus.

Mitesh Shah, Co-founder of Inflection Point Ventures, said, “Over last year, LoanKuber has successfully built an extremely capital-efficient and profitable business. 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.”

The startup has built an automated institutional co-lending platform for micro-mortgages allowing for competitive pricing to the end customer while generating significantly higher yields on its own NBFC balance sheet.

It has created hybrid acquisition channels that include a digital connector platform, lead generation platform, and low-cost branches reducing customer acquisition costs by 30%.

Saurabh Nagpal, CEO of LoanKuber, said, “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.”

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