Lendingkart Technologies disburses over 1 Lakh loans worth 5000+ crores to MSMEs

Lendingkart Technologies disburses over 1 Lakh loans worth Rs. 5000+crores to MSMEs

Lendingkart Technologies Private Limited, India’s leading financial technology company today announced disbursement of 1,00,000+ loans worth 5000+ crores to over 1300+ cities, empowering 89,000+ MSMEs in the new and emerging markets across India. With the largest geographical footprint in the country, Lendingkart has becomes the highest/largest digital lending/NBFC pioneering speedy, convenient and collateral free MSME financing.

With the vision of bringing more small borrowers into the financial mainstream, Lendingkart has scaled new heights with140% increase in the number of loans disbursed across28+ diverse business sectors in the last one year. Some of the popular sectors witnessing increased demand include apparels, textiles, industrial supplies and solutions, FMCG, food grains, groceries, computers, mobiles and related accessories as well as automobiles and health and wellness.90% of the total loan applicants and 75% of the existing MSME customer base of Lendingkart comes from non- metros locations and regional India, with 90% of the borrowers being in the age group of 18-45 years. While NorthIndia leadsthe total amount of loans disbursed with 35%, it is closely followed by South with 28%, West with 25% and East with 12%.

Commenting on the milestone, Harshvardhan Lunia, Cofounder and CEO, Lendingkart said,“For a majority of small and medium enterprises, non-formal sources still serve as the only means to acquire funds due to perceived credit risks in financing small enterprises. At Lendingkart, our goal has always been to provide working capital to India’s critical small and medium enterprises, to promote financial inclusion, accessibility and literacythrough our digital channels.With our innovative ground-breaking approach to Digital origination and multilingual support, we are poised to achieve manifold growth in loan book in the next five years,service additional business clusters and increase the total share of lending to MSMEs.By achieving this milestone, we are delighted to fuel dreams and aspirations of over 100,000 Indian MSMEs inching closer to our vision.”

Lendingkart caters to start-ups & MSMEs with little or no credit history at all and provides short term working capital loans with minimal paperwork and collateral free loans online within 72 hours. The loan ticket sizes ranging from as low as Rs 50,000 up to 2crores for a period of 1 to 36 months. The company analyses thousands of data points from various sources and leverages robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. Lendingkart also allows several customizations to its financial products which makes them ideal for today’s competitive business environments.

Lendingkart has been position the only fintech player in the digital lending space poised to become a Unicorn this year by recent report by NASCCOM (The National Association of Software and Services Companies)

Source: Press Release