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Lendingkart Finance raises INR 30 crore in NCDs
Lendingkart Finance Limited today announced that it has raised INR 30 crore in non-convertible debentures from FMO. The investment has been made through MASSIF, the financial inclusion fund that FMO manages on behalf of the Dutch government. This new influx of debt funds will be used towards growing the loan book and expanding the reach of Lendingkart Finance across SME industries in different parts of the country. As the company expands its reach to over 950 cities across India, these funds, which are Lendingkart Finance’s first-ever foreign debt transactions, will come in handy to widen its offerings to SMEs country-wide. As of today, Lendingkart Finance has disbursed over 20,000 loans to more than 13,000 SMEs across 23 diverse sectors.
Speaking on the latest development, Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies said, “With a committed portfolio of €9.8 billion, FMO is one of the larger bilateral private sector development banks globally and we are elated to welcome them on board. We are looking to build a long-term relationship with them that will help us achieve our growth goals going ahead. This being our first foreign debt raise, will open avenues for Lendingkart Finance’s future foreign debt funding as well. It is quite inspiring to see the emphasis that FMO lays on improving systems and processes for the borrower community and we are certain to imbibe some of their learning. These freshly raised capital from our first financial inclusion and impact focused global fund, will be utilized to refuel our loan books that will allow us to cater to a wider range of SMEs who need working capital finance.”
Marnix Monsfort, Head of Financial Institutions, Asia, from FMO,said, “It is very encouraging to see the pace at which Lendingkart Finance has scaled up to be one of the leading SME lending platforms in India. We believe in innovation and the way in which Lendingkart Finance has leveraged technology to make borrowing an inclusive and hassle-free process is a great indication. Digital lending is an exciting and a large space that has grown tremendously in the last couple of years. The innovation that the sector has witnessed has played a key role in bringing financial inclusivity to the remotest corners of India. We greatly look forward to working with them to further their vision of financial and digital inclusion among SMEs across the country.”
Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of working capital for SMEs across the country that currently do not have access to credit or are capital deficient. Lendingkart Finance uses robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability & compliance. Once the evaluation process is completed, loan amount is disbursed to the deserving borrower within 72 hours from the time of application.
Lendingkart Finance has expanded its operations pan India and is present in over 950 cities across 29 states and 7 UTs, offering quick and easy collateral-free loans with minimal paperwork. Till date, over 4,70,000 SMEs have reached out to Lendingkart Finance for their credit requirement.
About Lendingkart Group
Lendingkart Technologies is a fin-tech startup in the working capital space. It has developed technology tools based on big data analytics that facilitates lenders to evaluate borrowers’ credit worthiness. Lendingkart Finance Limited (formerly AadriInfin Limited), a wholly owned subsidiary of Lendingkart Group, is a non-deposit taking NBFC, offering small business loans for SMEs in India. The Company aims to transform small business lending by providing easy access to credit for SMEs. Lendingkart Finance uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately. Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so that they can focus on business instead of worrying about the gaps in their cash-flows. We are currently based in Ahmedabad, Bangalore and Mumbai, but have a service reach across India.
To know more, please visit https://www.Lendingkart.com/
About MASSIF
MASSIF is a financial inclusion fund that FMO manages on behalf of the Ministry of Foreign Affairs. The Fund provides much needed resources to small business and micro-entrepreneurs (MSMEs) by supporting the local financial intermediaries that can contribute to their development. For more information, please visit https://www.fmo.nl/massif.