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Lendingkart Finance pumps in Rs 300 cr through NCDs

The Rs 300 crore new pump in of the funds marks the maiden NCD transaction with mutual funds with Lendingkart Technologies.
BY BEx Bureau
BusinessEx
Aug 01, 2018

Aditya Birla Sun Life AMC has infused Rs 150 crore into Lendingkart Finance along with another mutual fund company wishing anonymity pumping in a similar amount, financial firm said.

The Rs 300 crore new pump in of the funds marks the maiden NCD transaction with mutual funds with Lendingkart Technologies, co-founder and CEO Harshvardhan Lunia told PTI.

"The freshly-raised amount will be used towards growing our loan book and financing more MSMEs. As we expand our reach to over 1,200 cities across India, these funds will be used to widen our offerings to MSMEs country-wide," he added.

Lendingkart Finance has disbursed over 28,000 loans to more than 21,000 MSMEs across 26 diverse sectors till date, he said.

Lendingkart Finance uses data analytics and machine learning algorithms based in-house technology tools to evaluate its client's creditworthiness.

Over 10,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability and compliance, the company claimed. The average ticket size of loans disbursed is Rs 5-6 lakhs.

The company has received over USD 250 million, including equity and debt. Lendingkart aims to spend 30,000 loans in FY18-19, totalling Rs 2,000 crore. It expects 20,000 new MSMEs to be added to its platform in the ongoing fiscal.

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