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
August 06, 2018
Nearby Technologies allows lakhs of retailers and merchants to offer bill payment service to their c ...More
By Shah Mohsin
August 06, 2018
The lender will deploy the funds to expand its presence across its already established markets as we ...More
By Shah Mohsin
August 04, 2018
The fresh funds will be used to accelerate product development, reach more customers and for client ...More
By Shah Mohsin
August 03, 2018
Presently, Goibibo comes with features like seat and meal selection, auto check-in and hotel reviews ...More
By Shah Mohsin
August 03, 2018
Ziffy Technologies run ZiffyHomes is functional only in Delhi-NCR and is looking to venture to other ...More
By Shah Mohsin
August 03, 2018
The startup will use the funds to ramp up its bandwidth capabilities. ...More
By Shah Mohsin
August 02, 2018
The company sold 50,000 cases across rum and brandy in FY18 and is looking to sell over 2 lakh cases ...More
By Shah Mohsin
August 02, 2018
The 50-member startup, offers two flagship products a chatbot for sales and support, and a business ...More
By Shah Mohsin
August 01, 2018
Razorpay in a statement said, Razorpay's payment gateway will process more than five million transac ...More
By Shah Mohsin
July 31, 2018
The announcement comes a month after Five Star had received investment offers from two PE firms incl ...More
By Shah Mohsin
July 31, 2018
The software supports eight regional languages, works offline and has a light SDK (software develope ...More
By Shah Mohsin
July 31, 2018
The Mumbai-based firm said it will consume the raised capital fortify its existing product portfolio ...More
By Shah Mohsin