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Lendingkart raises Rs 30-cr from Dutch development bank

Press Trust of India  |  New Delhi 

Lendingkart today said it has raised Rs 30 crore in non-convertible debentures (NCDs) from Nederlandse Financierings-Maatschappij voor OntwikkelingslandenNV (FMO), a Dutch development that invests in growth and frontier markets.

This new influx of funds will be used towards growing the loan book and expanding the reach of Lendingkart across SME industries, Lendingkart said in a statement.

As of today, Lendingkart has disbursed over 20,000 loans to more than 13,000 SMEs across 23 sectors.

"With a committed portfolio of 9.8 billion euros, is one of the larger bilateral private sector development banks globally... This being our first foreign raise will open avenues for Lendingkart Finance's future foreign funding as well," said.

The fresh capital will be utilised to refuel loan books that will allow the company to cater to a wider range of SMEs who need working capital finance, he added.

Lendingkart Finance based on big data analytics to evaluate its client's credit worthiness.

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 eligible borrowerwithin 72 hoursfrom the time of application.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 13:25 IST