[Funding alert] Digital mortgage platform, LoanKuber raises $1.25M as part of its ongoing Pre-Series A round
LoanKuber, a digital mortgage platform for micro-SMEs, on Friday announced that it has raised $1.25 million as part of its ongoing Pre-Series A round. The current round saw participation from LetsVenture, AngelList India and Accolade.
It aims to use the funds towards building and expanding the team, enhancing the existing tech stack and rapidly growing its Assets Under Management to Rs 75 crore in the next 12 months.
Commenting on the fund raise, Saurabh Nagpal, CEO LoanKuber said,
“The funding would enable us to accelerate our mission of providing affordable and transparent mortgage finance to MSMEs, we would strive to achieve our social goals while balancing both growth and profitability that are required to build a large impact focused financial institution.”
Prior to this round, LoanKuber had raised a seed round of $1 million in 2018.
Founded in 2016, by IIT Delhi alumni Saurabh Nagpal, LoanKuber provides mortgage loans of Rs 3-10 lakh to micro-SMEs, semi-skilled professionals, and everyday services for business expansion.
“Today, around 40 percent of total MSME credit demand is still served by informal sources of credit. This underserved market is a huge potential for MSME lenders such as LoanKuber to cater to, with their innovative business models tailored specifically to the needs and behaviour of this segment,” said Sunitha Ramaswamy, President, Early Stage, LetsVenture.
LoanKuber provides customised mortgage loans to the underserved MSME’s based on its proprietary underwriting algorithms.
The company aims to onboard 10,00 MSMEs in the next 12 months as part of its expansion plan.