Lendingkart Finance
Founded: 2014
Founders: Harshvardhan Lunia & Mukul Sachan
Financing status: USD 3.8 million in cash credit
Ahmedabad-based small and medium-size enterprise (SME) lending startup Lendingkart Finance has raised USD 3.8 million in cash credit from the State Bank of India. This funding comes just months after securing USD 10.9 million in a funding round led by Sistema Asia Fund. The newly raised capital will be allocated towards strengthening Lendingkart’s loan book and expanding to 950 cities across all 29 Indian states.
Lendingkart, a member of Digital Lenders Association of India, is fintech platform specializing in providing SMEs with easy access to credit and working capital. Lendingkart strives for financially inclusive policies inline with the Indian government’s visions. According to cofounder Harshvardhan Lunia, Lendingkart “resonates the government’s vision of enabling financial inclusion through proliferation of digital literacy in rural India.” Lendingkart utilizes advanced technical and analytical tools to process thousands of data points to quickly and accurately assess the creditworthiness of a business.
According to the platform’s website, Lendingkart’s loan application process is 100% online, requires minimal documentation, and can be completed in less than 15 minutes. Once a fair interest rate is established, the loan is dispensed within three days. Reportedly, Lendingkart has disbursed more than 20,000 loans to more than 12,000 SMEs in a wide range of industry sectors.
Unlike traditional banks and non-banking financial institutions (NBFC), Lendingkart’s loan and risk evaluation criteria are not based on a client’s past records, such as past financial statements or tax returns. Instead, the lending platform’s objective is “to make capital funds available at finger tips so that entrepreneurs can focus on business instead of worrying about gaps in their cash-flows”, according to Lendingkart’s website.
Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan, who now operate as the platform’s CEO and COO, respectively. Lunia, an Indian School of Business alumna, previously co-founded and directed a financial services organization. Sachan holds an MBA from the Indian Institute of Management, Bangalore and worked previously as a director of finance at luxury hotel and resort chain Lebula.
(Top image from pixabay.com)
