Lendingkart raises Rs 50 crore in funding from Incred Capital and Yubi
Lendingkart said it had collected Rs 50 crores through selling market-linked and non-convertible debentures. InCred Capital Financial Services Private Limited contributed 20 crores and Yubi (previously CredAvenue) and other investors contributed 30 crores to the company’s funding. In order to enable the MSME segment to expand its operations, the funds collected will be used to on-lend business loans to that sector.
Harshvardhan Lunia, CEO and founder of Lendingkart, said, “The recently acquired money will enable us to connect with more company owners and provide financial support for their enterprises. The idea of “Aatmanirbhar Bharat” and the “5 trillion economies” will become a reality as more small and medium-sized enterprises enter the mainstream.”
According to Lunia, Lendingkart is “empowering” MSMEs in the country and helping them to develop a profitable business while bridging the financial gaps with its platform and dedication to providing working capital loans to small enterprises.
A number of foreign investors, including Fullerton Financial Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others, have contributed about 1,100 crores of rupees in equity to Lendingkart so far. FFH is a 100% subsidiary of Singapore Sovereign Fund Temasek Holdings.
In 2014, Lunia created Lendingkart to serve the needs of MSMEs seeking operating finance. The fintech business has created technological solutions based on big data analysis and machine learning algorithms to help lenders assess borrowers’ creditworthiness and offer other relevant services.
Lendingkart seems to be promoting new financial services platforms. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
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