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{{Short description|P2P lending platform}}

{{Use dmy dates|date=October 2024}}
{{Use Indian English|date=October 2024}}
{{Infobox company
| name = Transactree Technologies Private Limited
| logo = LendboxLogo.svg
| type = [[Privately held company|Private]]
| industry = [[Financial services]]
| founded = {{Start date and age|df=yes|2015|11}} in [[New Delhi]], India
| founder = Ekmeet Singh ([[Chief executive officer|CEO]])
| hq_location_city = [[New Delhi, Delhi]]
| hq_location_country = India
| area_served = India
| key_people = {{UBL| Bhuvan Rustagi ([[Co-founder]]) |Jatin Malwal ([[Co-founder]] and [[Chief technology officer|CTO]]) }}
| website = {{URL |https://lendbox.in}}
}}
'''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.<ref>{{Cite web |last=Nayanam |first=Shivam |date=2024-08-30 |title=Lendbox Review: Debt Investing Made Accessible |url=https://aayushbhaskar.com/lendbox-review/ |access-date=2024-10-11 |website=Aayush Bhaskar |language=en-US}}</ref><ref>{{Cite news |date=2024-02-01 |title=How lendbox, a bootstrap-funded startup, is addressing the credit needs of over 6 million borrowers |url=https://www.thehindu.com/brandhub/pr-release/how-lendbox-a-bootstrap-funded-startup-is-addressing-the-credit-needs-of-over-6-million-borrowers/article67800438.ece |access-date=2024-10-11 |work=[[The Hindu]] |language=en-IN |issn=0971-751X}}</ref>

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.<ref>{{Cite web |last=Team |first=DNA Web |title=Why P2P lending platforms like lendbox are attracting new age investors? |url=https://www.dnaindia.com/india/report-why-p2p-lending-platforms-like-lendbox-are-attracting-new-age-investors-3080366 |access-date=2024-10-11 |website=[[Daily News and Analysis|DNA India]] |language=en}}</ref>

== 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 [[Funding round|financing round]].<ref>{{Cite news |last=Srinivasan |first=Supraja |date=2018-11-26 |title=IvyCap Ventures makes first investment in P2P lending through Lendbox |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ivycap-ventures-makes-first-investment-in-p2p-lending-through-lendbox/articleshow/66802892.cms?from=mdr |access-date=2024-10-11 |work=The Economic Times |issn=0013-0389}}</ref>

In 2018, Lendbox was listed among the top 10 P2P lending platforms in India by The Indian Wire.<ref>{{Cite web |last=Varun |date=2018-08-25 |title=List of top 10 P2P lending startups in India |url=https://www.theindianwire.com/startups/top-p2p-lending-startups-72116/ |access-date=2024-10-11 |website=The Indian Wire |language=en-GB}}</ref><ref>{{Cite web |last=Varun |date=2019-04-19 |title=Lendbox Review : Details & Review of P2P Lending For Investors |url=https://www.theindianwire.com/startups/lendbox-review-121376/ |access-date=2024-10-11 |website=The Indian Wire |language=en-GB}}</ref><ref>{{Cite web |last=Kancherla |first=Prashanth |date=2024-04-24 |title=10 Best P2P lending platforms in India (2024) |url=https://ozonetel.com/p2p-lending-platforms-india/ |access-date=2024-10-31 |website=ozonetel.com |language=en-US}}</ref>

In 2019, Lendbox received the NBFC-P2P certification from the [[Reserve Bank of India|Reserve Bank of India (RBI)]] allowing it to operate as a registered P2P lending platform.<ref>{{Cite web |last= |first= |date=2019-02-02 |title=Lendbox Receives NBFC - Peer-to-Peer (P2P) Certification from the RBI |url=https://www.deccanchronicle.com/business/in-other-news/020219/lendbox-receives-nbfc-peer-to-peer-p2p-certification-from-the-rbi.html |access-date=2024-10-11 |website=[[Deccan Chronicle]] |language=en}}</ref>

Lendbox offered multiple P2P services both directly and through its partners (like [[Mobikwik#Xtra|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.<ref>{{Cite news |last=Bhalla |first=Tarush |date=2022-09-19 |title=MobiKwik launches investment product Xtra, scales AUM to over Rs 100 crore |url=https://economictimes.indiatimes.com/tech/startups/mobikwik-launches-investment-product-xtra-scales-aum-to-over-rs-100-crore/articleshow/94287134.cms |access-date=2024-10-11 |work=[[The Economic Times]] |issn=0013-0389}}</ref>

By the [[fiscal year]] 2025, Lendbox expects a revenue growth of 20% due to its expanding market presence.<ref>{{Cite news |last=Bhakta |first=Pratik |date=2023-11-29 |title=P2P companies log revenue jump, thanks to business partnerships |url=https://economictimes.indiatimes.com/tech/startups/p2p-startups-show-strong-revenue-leverage-partnership-business-to-the-fullest/articleshow/105570146.cms?from=mdr |access-date=2024-10-11 |work=[[The Economic Times]] |issn=0013-0389}}</ref><ref>{{Cite web |last=Ramanathan |first=Ajay |date=2024-07-03 |title=Lendbox expects revenue to grow by 20% in FY25 |url=https://www.financialexpress.com/business/banking-finance-lendbox-expects-revenue-to-grow-by-20-in-fy25-3541761/ |access-date=2024-10-11 |website=[[The Financial Express (India)|Financial Express]] |language=en}}</ref>

== Partnerships ==
Lendbox partnered with several [[fintech]] platforms including EaseMyDeal, Cashe, [[TransUnion]] (formerly TrueCredit) and [[MobiKwik|Mobikwik]] (for both [[Mobikwik#Xtra|Xtra]] and [[Mobikwik#Zip pay later|Zip]]).<ref>{{Cite web |last= |first= |date=2023-12-21 |title=EaseMyDeal Partners with LendBox to launch P2P Investment on its App at Flat 10 per cent p.a. |url=https://theprint.in/ani-press-releases/easemydeal-partners-with-lendbox-to-launch-p2p-investment-on-its-app-at-flat-10-per-cent-p-a/1895222/ |access-date=2024-10-11 |website=[[ThePrint]] |language=en-US}}</ref><ref>{{Cite web |date=2024-02-08 |title=Lendbox partners with leading fintech platforms Cashe & True Credits to fuel future growth |url=https://www.tribuneindia.com/news/impact-feature/lendbox-partners-with-leading-fintech-platforms-cashe-true-credits-to-fuel-future-growth-588734/ |access-date=2024-10-11 |website=[[The Tribune (India)|The Tribune]] |language=en}}</ref>

== 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.<ref>{{Cite news |last=Shekhar |first=Raj |date=2023-08-07 |title=Fraudsters use system error to dupe lending platform of Rs 10cr |url=https://timesofindia.indiatimes.com/city/delhi/fraudsters-use-system-error-to-dupe-lending-platform-of-rs-10cr/articleshow/102483843.cms |access-date=2024-10-11 |work=[[The Times of India]] |issn=0971-8257}}</ref>

Lendbox filed an FIR against the culprits to address the situation.<ref>{{Cite web |last=Thathoo |first=Chetan |date=2023-08-10 |title=Scamsters Exploit System Error To Defraud P2P Lending Startup Lendbox Of INR 10 Cr |url=https://inc42.com/buzz/scamsters-exploit-system-error-to-defraud-p2p-lending-startup-lendbox-of-inr-10-cr/ |access-date=2024-10-11 |website=Inc42 Media |language=en}}</ref>

=== Unauthorized Loan Scam ===
Several people reported that Lendbox negatively impacted their [[TransUnion CIBIL|CIBIL scores]] despite not having taken any loans from the platform.<ref>{{Cite web |last=Alam |first=Sahil |date=2024-05-09 |title=Mobikwik Zip Loan incorrect reporting and unfair late payments fees |url=https://www.technofino.in/community/threads/mobikwik-zip-loan-incorrect-reporting-and-unfair-late-payments-fees.26403/ |access-date=2024-10-11 |website=TechnoFino |language=en-US}}</ref> Lendbox clarified that these loans were issued by their partner, Mobikwik.<ref>{{Cite web |date=2024-06-02 |editor-last=Mitra |editor-first=Chandrajit |title="My Mistake Was...": Finfluencer Anupam Gupta Victim Of Loan Fraud |url=https://www.ndtv.com/india-news/finfluencer-anupam-gupta-latest-victim-of-loan-fraud-being-chased-by-mobikwik-agents-5797860 |access-date=2024-10-11 |website=NDTV.com}}</ref><ref>{{Cite web |last=Singh |first=Sumit |date=2023-12-29 |title=Financial Scam Alert: Possible Unauthorized Loans Impacting Multiple Individuals via lendbox.in, Check Your CIBIL Scores Immediately |url=https://www.punekarnews.in/financial-scam-alert-possible-unauthorized-loans-impacting-multiple-individuals-via-lendbox-in-check-your-cibil-scores-immediately/ |access-date=2024-10-11 |website=Punekar News |language=en-US}}</ref><ref>{{Cite web |date=2023-03-23 |title=Cibil Showing a loan from Transctree Technologies Pvt Ltd but I've not Taken any Loan {{!}} Consumer Complaints Court |url=https://consumercomplaintscourt.com/cibil-showing-a-loan-from-transctree-technologies-pvt-ltd-but-ive-not-taken-any-loan/ |access-date=2024-10-11 |language=en-US}}</ref>

=== 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.<ref>{{Cite news |last=Bhakta |first=Pratik |date=2024-03-22 |title=P2P lenders to stop 'liquid funds' as RBI peers into business |url=https://economictimes.indiatimes.com/tech/startups/p2p-lenders-to-stop-liquid-funds-as-rbi-peers-into-business/articleshow/108686922.cms?from=mdr |access-date=2024-10-11 |work=The Economic Times |issn=0013-0389}}</ref><ref>{{Cite web |date=2024-03-22 |title=P2P lenders under stress; Pocket FM's unicorn funding round |url=https://economictimes.indiatimes.com/tech/newsletters/morning-dispatch/p2p-lenders-under-stress-pocket-fms-unicorn-funding-round/articleshow/108691415.cms?from=mdr |access-date=2024-10-11 |website=The Economic Times}}</ref><ref>{{Cite news |last=Bhakta |first=Pratik |date=2024-09-05 |title=P2P investors take to social media to vent against new RBI rules |url=https://economictimes.indiatimes.com/tech/technology/p2p-investors-grapple-with-amended-rbi-rules-vent-ire-on-social-media/articleshow/113068953.cms?from=mdr |access-date=2024-10-11 |work=The Economic Times |issn=0013-0389}}</ref>

Approximately Rs. 7000 crore was mapped as loan against user wishes in [[Mobikwik#Xtra Scam|Mobikwik Xtra]].<ref>{{Cite web |last=Singh |first=Ritu |date=2024-09-09 |title=MobiKwik Xtra suspends 'anytime withdrawals' following RBI's recent directions on P2P lending - CNBC TV18 |url=https://www.cnbctv18.com/business/finance/mobikwik-xtra-suspends-anytime-withdrawals-rbi-p2p-lending-new-rules-nbfc-19473020.htm |access-date=2024-10-11 |website=[[CNBC TV18]] |language=en}}</ref><ref>{{Cite web |last=Thanawala |first=Hiral |date=2024-10-23 |title=Funds locked post RBI's new P2P lending rules, Lendbox investors seek recourse |url=https://www.moneycontrol.com/news/business/personal-finance/rbis-p2p-lending-guidelines-lock-funds-lendbox-investors-seek-recourse-12848575.html |access-date=2024-10-31 |website=moneycontrol.com}}</ref>

Company also shifted its focus to fixed-tenure products in order to comply with regulatory requirements.<ref>{{Cite web |last=Ramanathan |first=Ajay |date=2024-03-27 |title=P2P lenders focus on fixed tenure products after RBI rap |url=https://www.financialexpress.com/business/banking-finance-p2p-lenders-focus-on-fixed-tenure-products-after-rbi-rap-3437430/ |access-date=2024-10-11 |website=Financialexpress |language=en}}</ref>

== References ==
{{reflist}}

== External links ==
* {{Official website|https://www.lendbox.in}}

{{FinTech in India}}

[[Category:Companies based in New Delhi]]
[[Category:Indian companies established in 2015]]
[[Category:Financial services companies established in 2015]]

Lendbox - Revision history

ErikaMchenry4: Starting New Details!