Mortgage platform LoanKuber, logistics provider Blowhorn raise capital
Summary
Social Lending Technologies, which operates a digital mortgage platform for micro, small and medium enterprises (MSME) LoanKuber, on Friday said that it has raised $1.25 million as part of an ongoing bridge round of funding dubbed pre-Series A. Founded in 2016 by IIT Delhi and New York University alumnus Saurabh Nagpal, LoanKuber provides mortgage loans from Rs 3-10 lakh to MSMEs, semi- skilled professionals and everyday services for business expansion. “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,” Nagpal, who had earlier worked with Lehman Brothers, Nomura and Barclays, said. The fresh capital, an undisclosed amount, will go towards supporting Blowhorn’s network expansion plans, enabling them to extend their geographical reach across India and serve a wider customer base, as per a statement. “Our aim is to disrupt the last-mile logistics sector in India through scaling up our network operations so that we are able to reach every pin-code in the country with the speed that every delivery deserves,” Blowhorn CEO, Mithun Srivatsa, said.
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