Fintech company Lendingkart on Tuesday said it has raised Rs 200 crore in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital.
The company said it 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 the country.
Lendingkart 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.
“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 of Lendingkart Group.
“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,” he added.
Lendingkart plans to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals and gold loans, among others.
“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 of EvolutionX Debt Capital.
Founded in 2014, Lendingkart has offices in Ahmedabad, Bengaluru, Mumbai, Gurugram, and has service reach across the country.
The group is financed by reputed international investors like Fullerton Financial Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around Rs 1,050 crores of equity till date.
Since its inception, Lendingkart Group has disbursed over 2,30,000 loans of over Rs 14,000 crore in more than 4,000 cities and towns.