New Delhi, June 27 – Fintech firm Lendingkart on Tuesday mentioned it has raised Rs 200 crore in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital.
The corporate mentioned it can use the funds to drive its development because it seems to construct on its worthwhile yearly numbers in FY23 and drive its core enterprise development by enabling financing for a a lot increased variety of MSMEs throughout the nation.
Lendingkart will proceed to put money into its tech capabilities which bolster its lending platform which in flip will additional partnerships with marquee banks and NBFCs of India.
“This funding doesn’t solely validate the expansion path we’ve chosen for ourselves by specializing in serving the underserved MSMEs in India however will even assist us in reaching new milestones as we proceed to concentrate on worthwhile development,” mentioned Harshvardhan Lunia, Founder and CEO of Lendingkart Group.
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“FY24 goes to be an thrilling 12 months for Lendingkart as we glance to resolve for newer challenges by creating business first merchandise and evolving our tech stack,” he added.
Lendingkart plans to launch new merchandise comparable to bank cards for MSMEs, private loans for self-employed people and gold loans, amongst others.
“We imagine Lendingkart will proceed to guide the market and fill the funding hole for the MSMEs with its pioneering, end-to-end tech stack in buyer acquisition, credit score underwriting and assortment, in addition to its main product innovation and customization capabilities,” mentioned Rahul Shah, Accomplice of EvolutionX Debt Capital.
Based in 2014, Lendingkart has workplaces in Ahmedabad, Bengaluru, Mumbai, Gurugram, and has service attain throughout the nation.
The group is financed by reputed worldwide traders like Fullerton Monetary Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised round Rs 1,050 crores of fairness until date.
Since its inception, Lendingkart Group has disbursed over 2,30,000 loans of over Rs 14,000 crore in additional than 4,000 cities and cities.