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

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.

Multiple investors and prospective customers who engaged with Per Annum told Inc42 that company representatives pitched investment opportunities carrying unusually high returns while portraying the risks as limited. 

Multiple investors and prospective customers who engaged with Per Annum told Inc42 that company representatives pitched investment opportunities carrying unusually high returns while portraying the risks as limited. 

The products included P2P lending opportunities offering returns of up to 14-15% and fractional real estate investments that sales representatives claimed could generate returns of 30-40%.

Inc42 reviewed sales call recordings, investor communications and marketing materials shared by investors. In several interactions, sales representatives appeared to describe borrower interest spreads and platform structures as mechanisms that could absorb defaults and protect investor returns.

Inc42 reviewed sales call recordings, investor communications and marketing materials shared by investors. In several interactions, sales representatives appeared to describe borrower interest spreads and platform structures as mechanisms that could absorb defaults and protect investor returns.

The claims raise an important question: are some of the very practices the RBI sought to eliminate from India’s P2P lending ecosystem re-emerging through new product structures and sales narratives?

The MobiKwik Connection

The issue assumes added significance because Transactree and Lendbox were previously linked to the MobiKwik Xtra controversy. While the company has maintained that regulatory changes affected operations and product functioning, investors who experienced difficulties withdrawing funds after the RBI’s 2024 regulatory overhaul continue to pursue legal remedies and complaints against the firms.

Against that backdrop, the emergence of new investment products and marketing claims has once again placed the spotlight on the company’s business practices.

The materials reviewed suggest that Per Annum is positioning itself as a platform offering access to alternative investment opportunities across credit and real estate.

The key question is whether investors are being adequately informed about the underlying risks, liquidity constraints and default exposure associated with such products.

The key question is whether investors are being adequately informed about the underlying risks, liquidity constraints and default exposure associated with such products.

Transactree Technologies Pvt Ltd said in a statement to Inc42 that following the RBI’s revised P2P framework the platform’s active lenders, borrowers, and live portfolio are below pre-regulatory........

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