₹10,000 Cr AUM, MobiKwik Xtra & Per Annum: Lendbox’s Risky Regulatory Dance

SUMMARY

• Per Annum and Lendbox are facing scrutiny over allegations that their investment products are being marketed with high-return and low-risk narratives that may conflict with RBI's stricter 2024 P2P lending regulations
• Questions have emerged about the company's claimed ₹10,000 Cr AUM, risk disclosures, and sales practices, particularly following the Mobikwik Xtra controversy and a ₹40 lakh RBI penalty imposed on parent company Transactree in 2025
• Despite regulatory action and declining financial performance, the company has expanded into new alternative investment products, raising concerns that old P2P lending risks may be reappearing under new investment structures

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Nearly two years after the Reserve Bank of India (RBI) tightened regulations governing India’s peer-to-peer (P2P) lending industry, fresh questions are emerging around the sales practices and investment products being marketed by Transactree Technologies Pvt Ltd, the parent company of P2P lending platform Lendbox and alternative investment platform Per Annum.

The P2P lending platform is backed by investors like IvyCap Venture Advisors and Orios Venture Partners, among others, having cumulatively raised a total funding of $3Mn.