LenDenClub, a distributed (P2P) lending platform, has raised $10 million in its Series A round co-drove by a grip of investors like Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund, Kunal Shah and others.

According to the Mumbai-based startup, the new capital will be utilized in expansion, taking its loan book development to $1 billion and upscaling the client base to 10 million from the current 2.5 million by FY23.

Established in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub gives an alternate investment freedom to investors or banks looking for significant yields with trustworthy borrowers looking for momentary personal loans.

With the current round of funding, LenDenClub valued more than $51 million, presently aims to scale up substantially, eyeing a 5X development in disbursals in the following year and a half.

The startup as of now claims to have over 2.5 million borrowers and 1 million investors and has enrolled loan distributions worth over Rs 2,000 crore, of which disbursals worth Rs 1,200 crore were achieved in the initial a half year of FY22 alone.