Sociallending Technologies and Holdings Pvt Ltd, which operates mortgage lending platform LoanKuber, on Thursday said it has secured $2 million (around Rs 16.5 crore) as part of its Series A capital raise led by existing investor Inflection Point Ventures.
The round also saw participation from Accolade Holdings and LetsVenture, with angel investors including Prashant Tandon (1Mg), Pankaj Vermani (Clovia), and Vishal Gupta (TA Associates) as well as a host of family offices.
The New Delhi-based firm will use the fresh funds for hiring and scaling up its assets under management (AUM) and technology stack.
LoanKuber, founded by Saurabh Nagpal in 2017, offers mortgage loans from Rs 3-10 lakh to micro, small and medium enterprises (MSMEs) and semi-skilled professionals. It claims to be currently profitable and aims to achieve an AUM of Rs 200 crore over next one year.
“The current fundraising will help us invest in the team, technology and operations,” said Nagpal.
In 2021, LoanKuber raised $1.25 million in a pre-Series A funding round from LetsVenture, AngelList India and Accolade. Subsequently, it raised around $1.7 million in a fundraise led by Lets Venture with Inflection Point Ventures.
Meanwhile, Inflection Point Ventures, founded by Ankur Mittal, Vinay Bansal and Mitesh Shah in 2018, is an angel investing platform based out of Gurugram. Since its inception, IPV has so far invested over Rs 550 crore across 140 deals. Last year, the firm announced the launch of Physis Capital its $50 million VC fund to invest in pre-Series A to Series B rounds in the startups.
“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 that exists today in the Indian MSME sector.” added Mitesh Shah, co-founder, Inflection Point Ventures.
Last month, Inflection Point participated in the $2 million seed funding round of the house of brands player SuperCluster Pi.
