LenDenClub Parent’s Profit Jumps 183% To ₹96 Cr In FY26, Eyes Merchant Lending Foray

Peer-to-peer (P2P) lending startup LenDenClub’s parent entity Vartis Platforms reported a 183% jump in profit after tax (PAT) to ₹96.2 Cr in FY26 from ₹34 Cr in the previous fiscal year, driven by stronger credit infrastructure and growth across its lending businesses.  

The performance also marked the startup’s second consecutive profitable fiscal after it slipped into a net loss of ₹10.6 Cr in FY24 following the RBI’s crackdown on P2P lending. 

Operating revenue rose 43% to ₹338 Cr in FY26 from ₹236.4 Cr a year earlier. Including interest and other income, total revenue stood at ₹366.6 Cr during the year under review. 

Speaking to Inc42, LenDenClub cofounder and CEO Bhavin Patel said the startup strengthened its in-house credit assessment platform during the year, improving underwriting efficiency and increasing the “first resolution rate” by reducing failed transactions. 

Founded in 2015 by Patel and Dipesh Karki, LenDenClub operates across retail credit participation, digital lending and lending technology through three platforms — LenDenClub, InstaMoney and Vartis One. 

LenDenClub, the P2P lending marketplace of Vartis Platforms, enables retail lenders to directly fund individual borrowers. The platform earns service fees on successful loan repayments, delay charges on overdue loans, and additional fees when loans turn into non-performing assets (NPAs). This business contributed about 40% of the group’s revenue in FY26.

Its lending service provider (LSP) platform InstaMoney connects borrowers with lending partners such as NBFCs and financial institutions. It earns assessment and processing fees on each loan disbursed and accounted for roughly 55% of the group’s revenue in FY26, Patel said. 

Meanwhile, Vartis One provides lending technology infrastructure to banks, NBFCs and fintech companies to digitise different stages of the lending journey. It brought in around 1-2% of the total revenue.

Building on this business, the startup now plans to launch a dedicated merchant lending platform, Patel said, without disclosing more details. 

Overall, Vartis Platforms processed transactions worth nearly ₹5,000 Cr in FY26, up sharply from about ₹1,600-1,700 Cr in the previous fiscal. 

Where Did LenDenClub Spend?

Vartis Platforms’ total expenses increased 28% to ₹241.7 Cr in FY26 from ₹189.1 Cr a year earlier. 

• Marketing & Business Sourcing: It remained the biggest expense head, rising 41% to ₹138.1 Cr from ₹97.8 Cr as it stepped up customer acquisition efforts.  
• Operational Cost: Expenses under this head remained largely unchanged at ₹37 Cr compared with ₹37.7 Cr in FY25. This number included depreciation and amortisation expenses. 
• Employee Costs: Employee benefit expenses rose 18% to ₹49.6 Cr in FY26 from ₹42.2 Cr in FY25, reflecting continued hiring and investments in talent. 
• Technology Cost: The spending under the head grew nearly 49% to ₹17 Cr from ₹11.5 Cr in FY25 as the startup invested further in its technology infrastructure. 

Looking ahead, the startup expects to maintain its growth momentum and is targeting revenue of about ₹550 Cr in FY27. 

LenDenClub has raised close to $12 Mn from investors like Artha Ventures, Venture Catalysts, Tuscan Ventures, and WhatsApp head Kunal Shah to date. It competes with the likes of Lendbox, Finzy, Fello, IndiaP2P, iLend and Faircent in the P2P lending segment.

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