“We are in preparation mode… and we may target it in next 18 to 36 months timeframe,” Patel told Reuters on Wednesday, adding that LenDenClub could be the first P2P lender in India to list.
Peer-to-peer lending connects individual lenders directly with borrowers, bypassing banks and other financial institutions.
A listing would mark a milestone for the sector, which has faced slower growth and higher compliance costs after the Reserve Bank of India tightened rules in 2024, including stricter sourcing norms and a ban on assured returns.
Vartis has set two internal targets ahead of the IPO: annual profit above Rs 100 crore ($11.1 million) and restructuring accounting practices to align with listed peers.
“A lot of internal structuring has to happen…we already started doing it for last couple of quarters,” Patel said.
The Mumbai-based company posted revenue of Rs 240 crore and a profit of about 340 million rupees 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 said.
He also said RBI curbs hit origination and profitability in financial year 2024, but LenDenClub has since revamped its platform and now processes nearly 95% of India’s P2P lending volume. Reuters could not independently verify that market share.
Vartis Platforms also operates InstaMoney, a loan marketplace, and Vartis One, its technology arm. Backed by Artha Capital and Tuscan Ventures, the firm last raised funding in 2021.
India’s IPO market is set for another record year in 2025, with fundraising expected to surpass last year’s $20.5 billion, driven by more than 300 listings including fintechs Pine Labs and Groww.