LoanKuber, a mortgage brand operating under Janasha Finance, has raised $3.5 million in a pre-Series B round funds round led by Singapore-based TRTL VC.
The round, which was a mix of debt and equity, also saw participation from existing investors. Turning Point Ventures (IPV) together with Auxano, LetsVenture and Mavuca Capital.
The round also included prominent angel investors such as Ruchi Deepak, co-founder of ACKO Insurance, Prashant Tandon, co-founder of 1mg, and Pankaj Vermani, co-founder of Clovia.
The latest round brings LoanKuber’s all-time fundraising to over $13 million.
Purpose of fundraising
LoanKuber plans to use the newly acquired funds to expand its assets under management (AUM), which currently stands at around Rs 93 crore.
The startup aims to expand its AUM to around Rs 180 crore in the next 12 months.
In addition, part of the funds will be used to strengthen the company’s technological infrastructure and reinforce its management team.
“This fresh capital infusion will help us scale up our efforts, establish new branches and penetrate deeper into the semi-urban communities of Delhi, Uttar Pradesh and Haryana, and ensure that we can continue to build a more inclusive and equitable financial landscape,” said Saurabh Nagpal, Founder and CEO of LoanKuber.
What does LoanKuber do?
Founded in 2017 by Saurabh Nagpal, LoanKuber offers customized home loans to the underserved Micro, Small and Medium Enterprises (MSMEs) under the Ministry of Micro, Small and Medium Enterprises (MSMEs).
The company has developed an automated institutional co-lending platform for micro-mortgages, enabling it to offer competitive pricing to end customers while generating higher returns on its own non-banking financial company (NBFC) balance sheet.
Implemented a hybrid customer acquisition strategy that includes a digital engagement platform, a lead generation platform, and low-cost branches. This approach resulted in a 30% reduction in customer acquisition costs, making the company more capital efficient.
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