your password has been reset successfully, Please login again.

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.

Please add your Comment
SIMILAR News
October 19, 2018
With this acquisition, IIFL Wealth will increase its client base, and will expand its portfolio mana ...More
By Vaishnavi Gupta
October 18, 2018
This is the second acquisition of InMobi in 2018, after it bought AerServ in January for $90 million ...More
By Vaishnavi Gupta
October 17, 2018
The Mumbai-based enterprise security company will make the investment through its wholly-owned subsi ...More
By Vaishnavi Gupta
October 16, 2018
This is the second acquisition of DailyNinja in Hyderabad after the acquisition of 4amShop in August ...More
By Vaishnavi Gupta
October 13, 2018
With this acquisition, the Bengaluru-based mobile entertainment services company will expand its bus ...More
By Vaishnavi Gupta
October 12, 2018
As part of the deal, Advent purchased entire 40% stake held by Indian PE firm Kedaara Capital and a ...More
By Vaishnavi Gupta
October 11, 2018
Future Enterprises will pay Rs 20 crores for the stake and Rs 5 crores additionally, if required. ...More
By Vaishnavi Gupta
October 11, 2018
The acquisition will help MobiKwik to strengthen its foothold in the digital financial services sect ...More
By Vaishnavi Gupta
October 10, 2018
The combined entity will be providing a comprehensive solution to convert waste plastic into valuabl ...More
By Vaishnavi Gupta
October 09, 2018
The company is expecting that the AP unit will help it to strengthen its presence in the highly comp ...More
By Vaishnavi Gupta
October 09, 2018
With the acquisition of Two Roads, Hyatt will expand its brand presence into 23 new markets. ...More
By Vaishnavi Gupta
October 08, 2018
The acquisition marks Mercer's entry into the global talent assessment market. ...More
By Vaishnavi Gupta