For investors, LendBox offers both short term and long-term investment options. With LendBox, investors can access flexible investment tenures and regular monthly returns. Everything gets done online, so no need to visit any branch or print documents. By investing in P2P instruments, investors can get returns of over 15%. This is more than double the returns one will earn via bank fixed deposits. Even mutual funds give only around 12% returns.
LendBox - History
The idea for LendBox came to the founders when they noticed that a large section of the population did not have access to loans. While employees of well-known organizations can quickly get their loans sanctioned, not many banks were willing to lend to employees working for SMEs (small and medium enterprises). The founders also noticed the other side of the spectrum, where investors relied heavily on traditional instruments such as fixed deposits, real estate investment and mutual funds. However, much higher returns were possible via money invested in the open market.
With these factors in mind, the founders came up with the idea to connect borrowers to investors. LendBox was launched subsequently in 2015. By working as a mediator and using technology tools, LendBox has emerged as a reliable partner for both borrowers and investors. LendBox works with an RBI registered recovery agency to ensure complete peace of mind for investors. As of now, LendBox has 2,941 crore worth of assets under management and more than 5.31 lakh registered investors.
LendBox - Funding
LendBox has received investments worth $2.3 million. Seed round funding was provided by IvyCap Ventures.
LendBox - Competitors
LendBox takes on rivals such as Faircent, NeoGrowth, Lendingkart and IndiaLends.
LendBox - About the Founders
LendBox was founded by Ekmmeet Singh, Bhuvan Rustagi and Jatin Malwal. Ekmmeet currently serves as the CEO at LendBox. He is also the co-founder and CEO of Per Annum. Earlier, he had worked with companies such as Newsbytes, MagicTap, Gamezop, Rocket Homes, GSF India, Ashton International and Accenture.
Co-founder Bhuvan Rustagi is serving as the COO at LendBox. He had earlier worked with ORR Foundation, Alvarez & Marsal and PricewaterhouseCoopers Tanzania. Co-founder Jatin Malwal is serving as the CTO at LendBox. He is also the co-founder and CTO at Per Annum. Earlier, he had worked with companies such as Westerwelle Foundation, Playselfie, SnapDeal and inoXapps.
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