LenDenClub has raised $10 million in funding that it will use for expanding its business, loan book and users, said the digital peer-to-peer (P2P) lending company.

The funding valued LenDenClub at more than $51 million. The capital came in a Series A round co-led by a consortium of investors that included Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund and Kunal Shah, the founder of fintech company CRED. Other investors included Alok Bansal (co-founder of Policybazaar.com), Ramakant Sharma (co-founder, Livspace), cricketer Hardik Pandya, Krishna Bhupal (co-founder, Promaxo and Board member of GVK Power & Infra).

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Earlier this year, the company said it was the only profitable P2P lending platform, plans a five-fold growth in loan disbursals in 18 months. It has disbursed more than Rs 1,200 crore worth of loans this fiscal.

The fresh capital will be used for expansion, taking its loan book growth to $1 billion and upscaling the user-base to 10 million from the current 2.5 million by FY 2022-23.