Lendingkart Finance raises its largest NCD Funding of INR 300 crores

By SiliconIndia   |   Wednesday, August 1, 2018
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Lendingkart Finance Limited announced that it had raised INR 300 crores in non-convertible debentures on the 31st of July this year, which is its biggest NCD funding so far. This new influx of funds marks Lendingkart Finance’s maiden NCD transaction with mutual funds.

One of India’s largest and leading mutual funds, Aditya Birla Sun Life AMC had infused INR 150 crores while the other INR 150 crores is pumped by another mutual funds giant.   The freshly-raised amount will be used towards growing the loan book and financing a greater number of MSMEs.

As the company expands its reach to over 1200 cities across India, these funds, which are Lendingkart Finance’s first-ever largest NCD, will be used to widen its offerings to MSMEs country-wide. As of today, Lendingkart Finance has disbursed over 28,000 loans to more than 21,000 MSMEs across 26 diverse sectors.  

Speaking on this latest development, Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies said, “At Lendingkart Finance, we have a clear vision to expend quick and hassle-free loans to MSMEs across the country that have difficulty securing loans from traditional sources, thereby, effectively empowering them with working capital to scale considerably. It’s an exciting opportunity for us to be working with two most sought-after mutual funds companies for furthering the mission of creating a healthier and more conducive environment for the MSME ecosystem.  We greatly look forward to this association to fund MSMEs across the country and make digital loan acquisition a safe, convenient and reliable process.”

Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of working capital for MSMEs across the country that currently does not have access to credit or are capital deficient.  

The company uses robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. About 10,000+ data variables are assessed to determine factors like financial health, comparative market performance, social reliability & compliance. Once the evaluation process is completed, the loan amount is disbursed to the deserving borrower within 72 hours from the time of application. Till date, over 1 million MSMEs have reached out to Lendingkart Finance for their credit requirement.

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