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Indian fintech startup Lendingkart, which offers loans via its NBFC firm (Lendingkart Finance Limited), has raised Rs 200 crore in a debt round led by Temasek-backed EvolutionX Debt Capital.
The startup said it plans to use the raised capital to launch new products, including credit cards for MSMEs, personal loans for self-employed individuals, and gold loans. Apart from this, It also plans to scale its technology business, where it provides co-lending SaaS platform.
Concluding the current fundraising, Lendingkart has raised over $303 million or around Rs 2,400 crore in a mix of debt and equity rounds led by investors, including Yubi, InCred Capital, GMO, Triodos Investment Management, Bertelsmann India Investments, and India Quotient, among others. On the equity side, it has raised over Rs 1050 crore till date.
Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, The fintech startup provides loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners in the country.
The startup claims to have provided loans worth about Rs 4,000 crore and is now aiming to take this number to around Rs 6,000 crore by the end of 2023. It also aims to provide loans worth around Rs 10,000 crore in the next two years.
“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.
“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.
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