Lendingkart Technologies is a startup that is engaged in the digital lending space and the company has now secured fresh capital from its existing investors. An amount of Rs 212 crore has been brought in mainly by Fullerton Financials, Bertelsmann India Investments and India Quotient besides others. With this amount of $30 million, the total funds raised by Lendingkart amount to $143 million. For the record, Credit Suisse was the advisor for this fund-raising exercise.
The company wants to expand its base in terms of reaching more customers across the country as well as to invest more on technology that could make its online credit analysis sharper and more accurate.
The development is seen as a positive one by observers since the sentiment in the market, particularly towards the startups in the fintech lending space has not been one where investors would have evinced huge interest.
Lendingkart will continue to press on with its objective of lending to the micro and small businesses which find it difficult to access funds needed for their operations. The technology the lender uses is to analyse the inherent strength the businesses possesses and the ability to grow the business and service the borrowings. Lendingkart sees merit in many of these small enterprises provided they are supported adequately.
Giving out the numbers, Lendingkart Finance (the NBFC arm of the Lendingkart Group) has processed as many as 500,000 applications since they started their operations. Over 60,000 loans have so far been disbursed and those who have availed these loans number over 55,000, mostly businesses in the MSME sector and in terms of geography these entities are spread across 1,300 locations in India.
The startup says it tries to make all the analysis and come to a loan sanction decision within a matter of 3 days.