Vartis Platforms, which operates LenDenClub, the country’s largest peer-to-peer lending marketplace—is preparing for an initial public offering (IPO) within the next 18 to 36 months, chief executive officer Bhavin Patel said. Moreover, he said, “We are in preparation mode… and we may target it in the next 18 to 36 months timeframe,” while also noting that LenDenClub could become the first P2P lender in India to list.
Peer-to-peer lending connects individual lenders directly with borrowers and bypasses banks and other financial institutions. Additionally, a potential listing would represent a milestone for the sector, which has faced slower growth and higher compliance costs since the Reserve Bank of India tightened regulations in 2024, including stricter sourcing requirements and a ban on assured returns.
Furthermore, Vartis has established two internal targets ahead of the planned IPO: achieving an annual profit above Rs 100 crore ($11.1 million) and restructuring accounting practices to align with listed companies. Patel said, “A lot of internal structuring has to happen…we already started doing it for the last couple of quarters.”
The Mumbai-based company reported revenue of Rs 240 crore and profit of about Rs 34 crore in fiscal 2025, according to its website. For the current financial year, it expects revenue of Rs 320 crore to Rs 350 crore and profit between Rs 50 crore and Rs 60 crore, Patel added.
He also explained that RBI curbs affected loan origination and profitability in fiscal 2024, but LenDenClub revamped its platform afterward and now processes nearly 95% of India’s P2P lending volume, though Reuters could not verify that market share independently.
Additionally, Vartis Platforms operates InstaMoney, a loan marketplace, and Vartis One, its technology arm. The company, which Artha Capital and Tuscan Ventures back, last raised funding in 2021.
