home Uncategorized Fintech Startup Lendingkart Raises INR 50 Cr Debt Funding To Offer Credit Solutions To MSMEs Jaspreet Kaur

Fintech Startup Lendingkart Raises INR 50 Cr Debt Funding To Offer Credit Solutions To MSMEs Jaspreet Kaur

Non-banking finance company (NBFC) and lending tech startup Lendingkart has secured INR 50 Cr in a debt funding round from InCred Capital and Yubi.

As part of the deal, Lendingkart has issued non-convertible debentures and market-linked debentures. Also, InCred infused INR 20 Cr in the startup while Yubi invested the remaining INR 30 Cr. 

Lendingkart will use the capital to offer on-lending business loans to small and medium-sized businesses. 

Including the current fundraising, Lendingkart has raised a total of INR 125 Cr in debt and INR 1,050 Cr in equity.

“The newly gained funds will help us in reaching out to more entrepreneurs and ensure financial aid for their businesses. With more small and medium businesses coming into the mainstream, the dream of Aatmanirbhar Bharat and $5 Tn economy will come to reality,” said Harshvardhan Lunia, CEO and cofounder at Lendingkart.

Founded in 2014 by Lunia and Mukul Sachan, the Ahmedabad-based fintech startup has built machine learning and big data-backed tools that help lenders assess the creditworthiness of borrowers and accordingly, offer allied services to them.

“With the continued growth path and a sheer commitment to provide working capital loans to small businesses through its platform, Lendingkart is empowering MSMEs in the country and enabling them to create a successful business while bridging the financial gaps,” Lunia added.

Lendingkart claims to have disbursed over 1.40 Lakh loans to more than 1.2 Lakh MSMEs across India. It further claims to have offered services in over 4000 Indian cities. 

In July, Lendingkart secured INR 75 Cr debt funding from GMO LLC and Triodos Investment Management. 

In the financial year 2021-22, LendingKart claims to have clocked a revenue of $65 Mn. Its cap table includes FMO, Bertelsmann, Fullerton Financial Holding, Mayfield India, and Saama Capital, among others. 

In the fintech lending sector, It faces competition from the likes of Aye Finance, ARTH, and Kinara Capital. 

According to an Inc42 report, the Indian fintech industry is likely to become a $1.3 Tn market by 2025, growing at a CAGR of 31% during 2021-2025. Of this, lending tech will account for 47% ($616 Bn) by 2025.

The post Fintech Startup Lendingkart Raises INR 50 Cr Debt Funding To Offer Credit Solutions To MSMEs appeared first on Inc42 Media.

Non-banking finance company (NBFC) and lending tech startup Lendingkart has secured INR 50 Cr in a debt funding round from… News, B2BInc42 Media

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