P2P Directory Part 1: The Giants

The Indian P2P market is dominated by a handful of “Giants” that manage the lion’s share of Assets Under Management (AUM). These platforms have the most robust technology stacks, the largest collection teams, and the highest volume of borrower data.

---

1. LenDenClub (Club Finance Pvt Ltd)

The Largest Retail P2P Platform in India.

Metric	Value (As of March 2026)
AUM	₹1,364 Crore+
Cumulative Disbursement	₹17,300 Crore+
Average Returns	10% - 12% p.a.
NPA Rate (Personal Loans)	3.61% - 3.88%
Registered Users	30 Million+

Overview

LenDenClub is the market leader in the retail segment. Known for its FMPP® (Fixed Maturity Peer-to-Peer) plan, it uses an AI-based matching engine to diversify a lender’s capital across hundreds of borrowers automatically.

Strengths: High liquidity, excellent mobile app, and transparent monthly performance factsheets. Red Flags: Increasing NPA rates in the personal loan segment; returns have moderated as the platform prioritizes stability over high yields.

---

2. LiquiLoans (NDX P2P Private Limited)

The Institutional & Partner Powerhouse.

Metric	Value (Estimated 2026)
Primary Focus	B2B2C Partnerships (CRED, INDmoney, Jupiter)
Cumulative Disbursement	₹65,000 Crore+ (Estimated Group Level)
Average Returns	9% - 11% p.a.
NPA Rate	~2.5% - 3.0% (Historical)

Overview

LiquiLoans is the “engine” behind many of India’s most popular investment apps. If you invest in CRED Mint, you are likely lending through the LiquiLoans license. They focus on prime, high-credit-score borrowers.

Strengths: extremely high-quality borrower base (average CIBIL 750+); institutional-grade risk management. Red Flags: Lower returns compared to high-yield P2P; limited “manual” lending options for retail users who want to pick their own borrowers.

---

3. Faircent (Fairassets Technologies India Pvt Ltd)

The Pioneer of Indian P2P.

Metric	Value
Market Status	India’s First RBI Registered NBFC-P2P
Average Returns	12% - 18% p.a.
Disbursement Scale	High (Top 3)
Risk Profile	Moderate to High

Overview

Faircent is for the “Pro” investor. It offers the widest range of loan products, including personal, business, marriage, and even property-backed P2P loans. Unlike others, Faircent often allows more granular control over borrower selection.

Strengths: Potential for very high returns; deep experience in the Indian credit cycle. Red Flags: Higher volatility in default rates; the manual selection process requires significant time and credit knowledge.

---

4. Lendbox (Transactree Technologies Pvt Ltd)

The High-Yield Innovator.

Metric	Value (As of March 2026)
Average Returns	11% - 14% p.a.
NPA Rate	~9.75% (Reported for specific high-yield pools)
Partner Network	MobiKwik (Xtra), Fello

Overview

Lendbox has carved a niche by offering structured investment products that balance risk and return. Their partnership with MobiKwik Xtra has brought P2P lending to millions of small-ticket investors.

Strengths: Innovative secondary market for liquidity; strong analytics-driven collection process. Red Flags: Higher reported NPA numbers in certain pools; investors must carefully choose between “Safe” and “High Yield” tiers.

---

Next Part: Part 2: High-Yield & Mid-Tier — IndiaP2P, i2iFunding, Finzy, and RupeeCircle