24 March, 2022: LenDenClub, India’s largest Peer-to-Peer Lending platform aiming to drive financial inclusion for all, has appointed Atal Agarwal as the Head Strategy & New Initiatives. The appointment is well calibrated to enable the organisation to cease every new opportunity that is present in its next growth phase. In this newly created position at LenDenClub, Atal will be part of the leadership team, and the board to help the organisation flourish and cultivate.
LenDenClub intends to broaden its brand portfolio and range of services, and Atal will spearhead this strategic drive.
Atal brings over three decades of experience in Investment Banking, Corporate Banking, and Credit Ratings to the board. For over 13 years as an Investment Banker, he held leadership positions with prominent brands such as DSP Merrill Lynch, Barclays Capital, and Jardine Fleming, among others. Atal has managed various disinvestment, capital raising, and advising activities, both debt and equity, in domestic and overseas markets for a diverse range of clients. He also held a senior management position at Crisil, taking a lead on sales and business development initiatives at a pan India level. Atal stems from a distinguished academic background, having earned an MBA from the prestigious IIM Calcutta and a B.Tech-Electronics Engg (Gold Medallist) from IIT Varanasi.
Speaking on the leadership appointment, Bhavin Patel, co-founder & CEO, LenDenClub, said, “LenDenClub aims to fill the gap and bring demographics together not covered by traditional credit-providing institutions. It will help create an ecosystem for people to meet their financial goals. The company is now in a position to make a better life for everyone by expanding its financial products to cover its customers’ entire gamut of needs. Atal is a dynamic professional capable of taking on a leadership role by using his extensive client connections and market expertise. With Atal’s addition, we will propel LenDenClub into the financial platform of choice.”
Speaking on his appointment, Atal Agarwal said, “I am honoured to join LenDenClub, an incredibly well-positioned company that strives to fulfill the demands that have been left unattended by others. Today it is the fastest-growing P2P lending platform in the country. Although Peer-to-Peer Lending is still relatively new in India, recently, there has been an accelerated traction from borrowers and investors. It is now the established alternative asset class that provides high risk-adjusted returns compared to traditional fixed income instruments for investors. It is a simple and convenient way for borrowers to get short-term loans. The P2P lending industry is expected to achieve a CAGR of over 20% during the next five years, reaching a size of over $10 billion. I am excited to make a meaningful contribution to the company’s exponential growth journey.”
During his 12 year tenancy with Financial Institutions Group (FIG) and Corporate Banking with Citibank, Royal Bank of Scotland, and DCB Bank, he was deeply involved in equity/debt capital markets, syndicated loans, club deals, and Banking transactions for a wide range of reputable clientele across domestic corporates, MNCs, PSUs, and banks/FIs. Including five magnificent years as India Head-Business Development, Ratings, at Crisil, India’s leading credit rating agency.
LenDenClub’s operational success has been stellar in FY 21-22, with record disbursements, customer acquisitions, top-line growth, profitability, and differentiated product offerings. The company has crafted a multi-pronged strategy to accelerate its growth by becoming the preferred Peer-to-Peer Lending platform for the country’s underserved investors and borrowers and assisting them with their diverse everyday financial needs. This critical strategic appointment will be essential in driving the company’s growth objectives.
The company recently completed a successful fundraise of USD 10 million in a Series A round co-led by a consortium of investors, including Tuscan Ventures, Ohm Stock Brokers, and Artha Venture Fund.