India’s fintech sector may soon see another public listing as LenDenClub prepares for a potential market debut. In an interview with a financial news platform, Founder and CEO Bhavin Patel said the company could explore an initial public offering once it crosses ₹100 crore in profits. He indicated that the listing may take place within the next 18–24 months and is likely to be structured mainly as an offer-for-sale (OFS) rather than a fresh capital raise.
The fintech firm expects strong financial growth this year. Patel said the platform is targeting revenue of around ₹300–350 crore, driven largely by its lending service provider (LSP) vertical, which is emerging as the biggest contributor to revenue. Last year, the company reported ₹34 crore in profit and expects that figure to nearly double in the current fiscal year. In terms of revenue mix, peer-to-peer (P2P) lending contributed around 50–60% of total revenue last year, while LSP and technology service provider (TSP) businesses made up the remainder. This year, P2P is expected to contribute about 35–40%, LSP around 50%, and TSP close to 10%.
Discussing profitability, Patel said the company turned profitable in FY25 after navigating regulatory adjustments in FY24 that led to losses in several quarters. He explained that operations stabilised later as the firm implemented cost optimisation measures and strengthened infrastructure. Improvements in portfolio performance also helped support profitability. According to Patel, the company has maintained a disciplined spending approach since its inception, partly because it did not have large capital reserves during its early years.
Looking ahead, LenDenClub has begun streamlining internal processes and accounting systems in preparation for a potential listing. Patel noted that the platform’s retail lender community — around 30,000–40,000 monthly users — has shown interest in becoming shareholders if the company goes public. The platform’s 90+ DPD NPA currently stands at around 3.7%, with roughly 95% of the portfolio classified as current and about 1% in the 1–90 days DPD category. Patel also said compliance costs increased after tighter regulations, with the company spending ₹10–15 crore to rebuild workflows and technology systems. Despite stricter rules, he believes the P2P lending market in India could grow 3–4 times and potentially return to around ₹10,000 crore within 1–2 years.
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