 "Lendingkart")
Lendingkart, a fintech firm, has raised Rs 200 crore in a long-term debt from EvolutionX Debt Capital to finance Indian micro, small and medium enterprises (MSMEs).
The digital lending firm will invest in its technology as it works with banks and non-banking financial companies (NBFCs).
“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. Over the years, we have built efficient and robust technology to support the underserved MSME sector,” said Harshvardhan Lunia, founder and chief executive officer of the Lendingkart Group.
Lendingkart plans to launch new products such as MSME credit cards, personal loans for self-employed individuals, and gold loans. The company was established in 2014 and it has disbursed loans amounting to more than Rs 14,000 crore.
EvolutionX Debt Capital’s investment in Lendingkart is its first in fintech
“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,” said Rahul Shah, partner at EvolutionX Debt Capital.
The Lendingkart group has yet raised around Rs 1,050 crore of equity from investors such as Fullerton Financial Holding (FFH) (a subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient and other companies.
