Lendingkart raises USD 10m funding; aims to replenish loan book

Lendingkart Finance Ltd on 3 August announced that it has raised USD 10 million debt fund from Kotak Mahindra Bank, Aditya Birla Financial Services and other financial institutions, which are to be channelised in the company's expansion plans and to re-stock the loan book, allowing them to widen their scope to SMEs across India.

So far, Lendingkart Finance has disbursed over 12000 loans to more than 9500 SMEs across 23 sectors.

"For Lendingkart Finance, the influx of capital at strategic intervals is the key driver to promote financial inclusivity amongst SMEs in India. SMEs are the backbone of the economy and if India is to continue to witness high growth, then supporting them is non-negotiable. The funds from this round will be used to replenish our loan book and widen our range across the country," said Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies.

Aligned with the Centre'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 sophisticated 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 and compliance. Once the evaluation process is completed, loan amount is disbursed to the deserving borrowerwithin 72 hours from the time of application. 

-ANI