Lendbox Explained

Transactree Technologies Private Limited
Type:Private
Industry:Financial services
Founded: in New Delhi, India
Founder:Ekmeet Singh (CEO)
Hq Location City:New Delhi, Delhi
Hq Location Country:India
Area Served:India

Lendbox (officially known as Transactree Technologies Private Limited) is an Indian peer-to-peer lending and peer to peer investing non-bank financial institution founded in 2015 and based in New Delhi.[1] [2]

The company provides a platform for peer-to-peer lending allowing individuals to invest in loans and borrowers to obtain funding directly from individual investors.[3]

History

Lendbox was founded by Ekmeet Singh, Bhuvan Rustagi, and Jatin Malwal in 2015. Lendbox raised Rs. 6 crore from its first investor, IvyCap Ventures in a pre-series financing round.[4]

In 2018, Lendbox was listed among the top 10 P2P lending platforms in India by The Indian Wire.[5] [6] [7]

In 2019, Lendbox received the NBFC-P2P certification from the Reserve Bank of India (RBI) allowing it to operate as a registered P2P lending platform.[8]

Lendbox offered multiple P2P services both directly and through its partners (like Mobikwik Xtra). For fixed investments, they provided an annual interest rate of 13.99%. However, if withdrawals were made before maturity, the interest rate was reduced to 8% per annum. For flexible investments, Lendbox offered up to 12% interest per annum.[9]

By the fiscal year 2025, Lendbox expects a revenue growth of 20% due to its expanding market presence.[10] [11]

Partnerships

Lendbox partnered with several fintech platforms including EaseMyDeal, Cashe, TransUnion (formerly TrueCredit) and Mobikwik (for both Xtra and Zip).[12] [13]

Controversies

System loopholes

Between December 2022 and March 2023, Lendbox faced a significant issue wherein approximately 457 scamster accounts exploited system loopholes. These accounts allegedly deposited cash into various P2P lending schemes and then withdrew the amount twice by making fraudulent refund requests—once through the Lendbox or Mobikwik app and a second time via the National Payments Corporation of India (NPCI), citing non-receipt of funds. This resulted in a loss amounting to approximately Rs. 10 crore.[14]

Lendbox filed an FIR against the culprits to address the situation.[15]

Unauthorized Loan Scam

Several people reported that Lendbox negatively impacted their CIBIL scores despite not having taken any loans from the platform.[16] Lendbox clarified that these loans were issued by their partner, Mobikwik.[17] [18] [19]

Operational Changes

Following guidelines issued by the RBI in March 2024, Lendbox ceased the 'Anytime Withdrawal' feature from September 2024 due to which existing funds were subsequently re-invested without explicit consent from users and approval for borrower's list.[20] [21] [22]

Approximately Rs. 7000 crore was mapped as loan against user wishes in Mobikwik Xtra.[23] [24]

Company also shifted its focus to fixed-tenure products in order to comply with regulatory requirements.[25]

Notes and References

  1. Web site: Nayanam . Shivam . 2024-08-30 . Lendbox Review: Debt Investing Made Accessible . 2024-10-11 . Aayush Bhaskar . en-US.
  2. News: 2024-02-01 . How lendbox, a bootstrap-funded startup, is addressing the credit needs of over 6 million borrowers . 2024-10-11 . . en-IN . 0971-751X.
  3. Web site: Team . DNA Web . Why P2P lending platforms like lendbox are attracting new age investors? . 2024-10-11 . . en.
  4. News: Srinivasan . Supraja . 2018-11-26 . IvyCap Ventures makes first investment in P2P lending through Lendbox . 2024-10-11 . The Economic Times . 0013-0389.
  5. Web site: Varun . 2018-08-25 . List of top 10 P2P lending startups in India . 2024-10-11 . The Indian Wire . en-GB.
  6. Web site: Varun . 2019-04-19 . Lendbox Review : Details & Review of P2P Lending For Investors . 2024-10-11 . The Indian Wire . en-GB.
  7. Web site: Kancherla . Prashanth . 2024-04-24 . 10 Best P2P lending platforms in India (2024) . 2024-10-31 . ozonetel.com . en-US.
  8. Web site: 2019-02-02 . Lendbox Receives NBFC - Peer-to-Peer (P2P) Certification from the RBI . 2024-10-11 . . en.
  9. News: Bhalla . Tarush . 2022-09-19 . MobiKwik launches investment product Xtra, scales AUM to over Rs 100 crore . 2024-10-11 . . 0013-0389.
  10. News: Bhakta . Pratik . 2023-11-29 . P2P companies log revenue jump, thanks to business partnerships . 2024-10-11 . . 0013-0389.
  11. Web site: Ramanathan . Ajay . 2024-07-03 . Lendbox expects revenue to grow by 20% in FY25 . 2024-10-11 . . en.
  12. Web site: 2023-12-21 . EaseMyDeal Partners with LendBox to launch P2P Investment on its App at Flat 10 per cent p.a. . 2024-10-11 . . en-US.
  13. Web site: 2024-02-08 . Lendbox partners with leading fintech platforms Cashe & True Credits to fuel future growth . 2024-10-11 . . en.
  14. News: Shekhar . Raj . 2023-08-07 . Fraudsters use system error to dupe lending platform of Rs 10cr . 2024-10-11 . . 0971-8257.
  15. Web site: Thathoo . Chetan . 2023-08-10 . Scamsters Exploit System Error To Defraud P2P Lending Startup Lendbox Of INR 10 Cr . 2024-10-11 . Inc42 Media . en.
  16. Web site: Alam . Sahil . 2024-05-09 . Mobikwik Zip Loan incorrect reporting and unfair late payments fees . 2024-10-11 . TechnoFino . en-US.
  17. Web site: 2024-06-02 . Mitra . Chandrajit . "My Mistake Was...": Finfluencer Anupam Gupta Victim Of Loan Fraud . 2024-10-11 . NDTV.com.
  18. Web site: Singh . Sumit . 2023-12-29 . Financial Scam Alert: Possible Unauthorized Loans Impacting Multiple Individuals via lendbox.in, Check Your CIBIL Scores Immediately . 2024-10-11 . Punekar News . en-US.
  19. Web site: 2023-03-23 . Cibil Showing a loan from Transctree Technologies Pvt Ltd but I've not Taken any Loan Consumer Complaints Court . 2024-10-11 . en-US.
  20. News: Bhakta . Pratik . 2024-03-22 . P2P lenders to stop 'liquid funds' as RBI peers into business . 2024-10-11 . The Economic Times . 0013-0389.
  21. Web site: 2024-03-22 . P2P lenders under stress; Pocket FM's unicorn funding round . 2024-10-11 . The Economic Times.
  22. News: Bhakta . Pratik . 2024-09-05 . P2P investors take to social media to vent against new RBI rules . 2024-10-11 . The Economic Times . 0013-0389.
  23. Web site: Singh . Ritu . 2024-09-09 . MobiKwik Xtra suspends 'anytime withdrawals' following RBI's recent directions on P2P lending - CNBC TV18 . 2024-10-11 . . en.
  24. Web site: Thanawala . Hiral . 2024-10-23 . Funds locked post RBI's new P2P lending rules, Lendbox investors seek recourse . 2024-10-31 . moneycontrol.com.
  25. Web site: Ramanathan . Ajay . 2024-03-27 . P2P lenders focus on fixed tenure products after RBI rap . 2024-10-11 . Financialexpress . en.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Lendbox".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2025, A B Cryer, All Rights Reserved. Cookie policy.