Lendingkart Technologies Plans Further Expansion; Raises Rs 212 Crore In Equity

Lendingkart Technologies Private Limited, India’s leading financial technology company has raised a fresh equity round of Rs 212 crores ($30 million) and plans massive expansion across India.

The move of the company comes at a time when India is going through massive adoption of digital payment, unseen at any part of the globe. Lendingkart is founded by Harshvardhan Lunia and Mukul Sachan in 2014 and the company provides collateral-free working capital and other business loans to small businesses.

Lendingkart Founders Harshvardhan Lunia(L) and Mukul Sachan

The round is led by the current investors including Fullerton Financial Holdings Pvt Ltd (“FFH”), Bertelsmann India Investments and India Quotient. The move shows that investors are very happy on the capacity building efforts of Lendingkart and its vision of financial inclusion.

Lendingkart has established non-banking finance unit named Lendingkart Finance. The non-deposit taking NBFC raises money from financial institutions and banks and provides working capital loans and business loans to MSMEs across India. Lendingkart is currently based in Ahmedabad, Bangalore, Mumbai, Delhi NCR and Kolkata but have a service reach across the country.

India is going through a NBFC crisis and there is a dearth of financial support for small and medium companies. The development has further widened the base among underserved micro and medium enterprises in the country. The government has come up with various government initiatives to support small and medium enterprises to fuel business transformation.

The fresh infusion of funding will help the company to further expand its lending business by coming up with more product offerings and increase the lending cap. Lendingkart is also wants to focus on further strengthening its technological capabilities, especially its analytics strengths to proactively enhance its business base.

As per the company information, the fresh funding will take the company’s total equity fund raised now touched $143 million. Alteria Capital had invested Rs 80 crore in debt financing from in June in the company and Singapore’s Temasek-owned Fullerton Financial Holdings led investors put Rs 565 crore in February last year. Lendingkart’s other investors include venture capital funds Saama Capital, Bertelsmann India Investment and India Quotient. Credit Suisse acted as the exclusive financial advisor to Lendingkart

Lendingkart Technologies Co-Founder &Managing Director Harshvardhan Lunia said the company is happy with the momentum in our business and this equity will help them meet the growth opportunities they are expecting. “We realize the fact that micro and small businesses represent in India is a vibrant sector at the same time underserved segment of the Indian economy. The overwhelming support of all of our customers, investors and employees is empowering us to build the leading financial services platform for this segment,” said Harshvardhan Lunia. He is a Chartered Accountant by profession and worked with leading financial institutions like Standard Chartered Bank and ICICI. Mukul Sachan is an IIT graduate and did his MBA from IIM Bangalore.

Commenting on the investment in Lendingkart Technologies, Fullerton Financial Holdings President Yeo Hong Ping said Lendingkart’s business model has witnessed robust growth and continues to exhibit great potential. “It is amply evident via the company’s business model. We are delighted to continue partnering with Lendingkart who has been at the forefront of making working capital digitally accessible for MSMEs, as India continues its journey towards becoming a digitally enabled country.”

Bertelsmann India Investments Managing Director Pankaj Makkar said digital lending is revolutionizing access to capital for MSMEs. “With focused efforts of the Government and technological advances such as big data, digital lending has set the stage for disruption with greater formalisation, faster capital disbursements and vastly improved customer experience. We are proud to be a part of this incredible journey with Lendingkart as it continues to demonstrate market leadership in this space,” said Pankaj Makkar.

Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) has evaluated nearly half a million applications, disbursing60,000+ loans to more than 55,000 MSMEs in more than 1300 cities across all 29 states and union territories of the nation, making it the NBFC with the largest geographical footprint in the country.

Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Financeworks towards ensuring availability of credit for small and micro enterprises across the country that either do not have access to credit or are capital deficient currently. Lendingkart leverages robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness.

By analysing thousands of data points to assess factors like financial health, comparative market performance, social reliability and compliance and a distinctive evaluation process, Lendingkart aims to disburse loans with minimal paperwork within 72 hours.

Lendingkart Technologies has been identified as a“Soonicorn” in the digital lending space for possessing the potential to become a Unicorn company by 2020 and has also won the title of “Best Fintech Company” in the Lending category organized by KPMG in India. According to recent statistics, the company’s consolidated revenu touched Rs 91.8 crore during fiscal 2018 compared with Rs 35.6 crore in fiscal 2017.

Indian digital lending space is growing and its is backed by startups like Capital Float, Zest Money, Five Star Finance, NeoGrowth, India Lends and Rubique among other and they are looking at opportunities to raise funds.

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