Vakrangee partners with LendDenClub to launch P2P lending platform for its customers

Vakrangee Limited (VL) has partnered with LendDenClub to provide investment and borrowing options to its clients in the most remote part of the country. LenDenClub is one of the leading peer-to-peer (P2P) lending platforms in India.

Thanks to this integration, Vakrangee customers can now invest and borrow through LenDenClub seamlessly. As part of this partnership, Vakrangee, via its Nextgen Kendras and BharatEasy applications, will now offer lending and borrowing platforms in remote regions of the country. With 70% of Nextgen Vakrangee Kendra outlets in Tier 5 and 6 cities, Vakrangee will offer community loans in unserved / underserved areas of the country.

Borrowers will get hassle-free instant digital loans even in the most remote areas of the country. It is one of the few lending platforms to offer loans on more than 19,000 PIN codes across the country, higher than some banks. In addition, clients will benefit from an excellent alternative investment opportunity on its p2p investment platform and earn attractive interest income.

Commenting on this partnership, Mr. Dinesh Nandwana, Group Managing Director and CEO, Vakrangee Ltd. said, “We are pleased to partner with LendenClub to facilitate our clients’ platform for investing and borrowing in remote urban and rural areas. Our clients would have access to personal loans with fast processing and flexible interest rates.With this partnership, we have strategically added a lending and borrowing platform to our Nextgen Kendras, making it a one-stop shop. one-stop shop for all of our clients’ borrowing needs. “

He added, “Our franchisees in remote areas of the country can now improve their income stream by also offering loan products. We will continue to add more products and services and partner with leading business partners to provide our customers with a one-stop solution. to all their banking, insurance, ATM, financial services, assisted e-commerce, e-governance and logistics services. ‘AB Poori Duniya Pados Mein’. “

Commenting on the partnership, Bhavin Patel, Co-Founder and CEO of LenDenClub, said: “Despite being one of the world’s largest consumer economies, accessing formal credit has been a huge challenge. for a large part of the country’s population. . Lack of credit history, little or no education, lack of language skills, and commercially unsustainable geographies have limited the reach of banks and financial institutions. At LenDenClub, through a strong technology-backed lending and borrowing process, we envision providing the masses with easy access to credit and an opportunity to build wealth in new ways. Our new partnership with Vakrangee is another giant step towards this vision. It will help build inroads and expand P2P lending services to a large part of the population residing in the most remote areas of the country, which is otherwise beyond the reach of official credit. We are delighted to tap into Vakrangee’s vast network and contribute to the country’s growth story. “

This merger further broadens our range of services offered to citizens through Vakrangee Kendra. Nextgen Vakrangee Kendras exclusively offers a full range of products and services in the areas of banking, insurance, ATMs, assisted e-commerce, e-governance and logistics. Vakrangee currently has approximately 11,900 Nextgen Vakrangee Kendras spread across 27 states and UTs, over 520 districts and over 4,620 postcodes. More than 70% of these outlets are located in cities of level 5 and 6.

LenDenClub, the leading P2P platform in India that offers a host of innovative solutions backed by technology, has grown exponentially and achieved many milestones since its inception. The platform has seen a steady increase in its lending activity, which has grown from 60 crore in annual disbursements in FY20 to 1,000 crore in the current year. In addition, in 2020-2021 alone, it crossed over 500 crore in loan disbursements. With the new partnership with Vakrangee, he now expects disbursements to increase at an accelerated rate.

Shares of Vakrangee Limited were last trading in BSE at Rs. 40.60 from the previous close of Rs. 40.25. The total number of shares traded during the day was 1,207,914 in more than 3,319 trades.

The action hit an intraday high of Rs. 41.35 and an intraday low of 39.70. The net turnover during the day was Rs. 48,822,330.00.

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