Fintech firm Lendingkart has clocked almost 6 per cent decline in profit after tax (PAT) at Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23.
Employee benefit expenses rocketed 75.70 per cent to Rs 199 crore. Finance cost increased by 16.8 per cent to Rs 293.53 crore last fiscal.
Operations revenue of fintech firm rose 36 per cent at Rs 1,090 crore during FY24 from Rs 798 crore in FY23, but on unit basis, the company incurred Re 0.94 to generate a rupee in FY24.
Total expenses for the Ahmedabad-based firm increased by 49.4 per cent at Rs 1,022.7 crore from Rs 684.4 crore in FY23.
Lendingkart announced last month that Fullerton Financial Holdings (FFH), an existing investor through its affiliate, is snapping a controlling stake in the company. FFH, a wholly-owned independent portfolio company of Singapore-headquartered investment company, Temasek, committed up to a further Rs 252 crore.
As per its financials, revenue from co-lending surged by 88 per cent to Rs 591 crore last fiscal.
FFH had about 38.16 per cent equity in Lendingkart Technologies Private Limited (LTPL) as of March 2024. FFH CEO Hong Ping Yeo said the investments in Lendingkart are a testament to "our continued belief in the MSME opportunity in India and that well-governed, scalable franchises can bring significant value to small businesses."
Lendingkart stated that this infusion will aid the company in deepening its reach in underserved markets and improve its technology, a giant leap toward fulfilling its mission of fostering financial inclusion for small businesses in India.
Fullerton Financial Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and many others have financed the group, which has so far raised about Rs 1,050 Crore of equity. The group recently raised Rs 200 crore in debt funding from EvolutionX Debt Capital.
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