Peer-to-peer (P2P) lending platform, LenDenClub’s corporate venture capital arm has onboarded six fintech firms on its startup incubator, Bharat FinTech Program.
The startups, onboarded in the first cohort include Finswealth, FlashPay, P2P Bazaar, FinPlay, Upmarket India and Filit.
None of these startups have received any funding, so far, with their first cheque expected to be signed by the end of the incubation program, according to a press statement.
“The Bharat Fintech Program is aimed to promote innovation and inclusivity for startups and to give them a necessary push to grow faster, said Rajat Sinha, principal at LenDenClub Alpha.
“In the future we are planning many such programs to help fintech companies in the areas of technology, product and operations,” he added.
The P2P lending platform, run by Innofin Solutions Pvt Ltd, aims to back fintech startups in seed and pre-Series A stages. The company will allocate up to $2-3 million, with an aim to back around 20-25 startups, it had said in an earlier statement.
The selected fintech startups will receive mentorship in verticals such as technology and product upgradation, driving customer acquisition, innovation audits, developing go-to-market capabilities during the three-month mentorship program.
The corporate VC arm, in October, also participated in a fundraise round for Hubbler, a no-code platform offering application development, which raised about $1.5 million from LenDenClub Alpha, Artha Venture Fund and Unicorn India Ventures in its seed round.
Founded in 2016 by Bhavin Patel and Dipesh Karki, LenDenClub connects lenders with borrowers looking for personal loans.
It also offers new-age investment options and claims to have disbursed loans of over Rs 10,000 crore with an investor base of over 20 lakh investors.
In December 2021, the company raised $10 million in a Series A round, co-led by Tuscan Ventures, Ohm Stock Brokers and Artha Venture Fund. LenDenClub was valued around at more than $51 million during its latest fundraise.