Lendingkart Raises INR 200 Crore In Debt Financing The company will use the funds to drive its growth as it looks to build on its profitable yearly numbers in FY23 and drive its core business growth
By Teena Jose
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Fintech company Lendingkart has raised INR 200 crores in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital. The company will use the funds to drive its growth as it looks to build on its profitable yearly numbers in FY23 and drive its core business growth by enabling financing for a much higher number of MSMEs across India.
"We are proud to be one of the few profitable fintech's operating at scale in India. As we continue our mission to simplify MSME finance, we are pleased to find an exceptional partner in EvolutionX for the next step of our journey. This investment does not only validate the growth path we've chosen for ourselves by focusing on serving the underserved MSMEs in India but will also help us in achieving new milestones as we continue to focus on profitable growth," said Harshvardhan Lunia, founder and CEO, Lendingkart Group.
He further added, "Over the years, we have built efficient and robust technology to support the underserved MSME sector. FY24 is going to be an exciting year for Lendingkart as we look to solve for newer challenges by creating industry first products and evolving our tech stack."
In an official release, the company also said that it will continue to invest in its tech capabilities which bolster its lending platform which in turn will further partnerships with marquee banks and NBFCs of India. Additionally, utilising these funds and the partnerships, Lendingkart plans to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals and gold loans among many others.
"We see tremendous opportunities for fintech players in India's large but underserved MSME credit space. We believe Lendingkart will continue to lead the market and fill the funding gap for the MSMEs with its pioneering, end-to-end tech stack in customer acquisition, credit underwriting and collection, as well as its leading product innovation and customization capabilities. This is our first fintech investment and we look forward to supporting the company's journey of innovating India's huge digital lending space," said Rahul Shah, partner, EvolutionX Debt Capital.
Founded in 2014 by Harshvardhan Lunia, Lendingkart Group is a fintech startup in the working capital space that has developed technology tools based on big data analysis and machine learning algorithms which facilitate lenders to evaluate borrower's creditworthiness and provide other related services.
