[Funding alert] Fintech startup Lendingkart raises Rs 75 cr in debt funding

Fintech firm Lendingkart has raised Rs 75 crore in debt funding round from GMO LLC and Triodos Investment.

According to the company, it will utilize the funds for origination of MSME (Micro, Small and Medium Enterprises) loans in all states with credit decisions across all states using the in-house built origination engine 'XLR8' and 'Zero Touch' features.

"Lendingkart has raised a total debt fund of Rs 75 crore, Rs 25 crore in debt from GMO LLC, a leader in payments industry and Rs 50 crore from Tridos Investment Management through NCDs," the statement said.

The Ahmedabad based Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan, It is an online financing company that provides short term working capital loans to small and medium businesses.

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"The newly infused funds will enable us to disburse working capital loans to underserved MSME customers through our platform. Additionally, it will help the company increase its reach, and service more pin codes across the country," said, Harshvardhan Lunia, CEO and Founder at Lendingkart.

"It is our constant endeavour to empower the MSMEs and small businesses and we will continue to bridge the financial gaps for small businesses”, he added.

The company claims to have evaluated nearly half a million applications, disbursed over 1,40,000 loans to over 1,20,000 MSMEs in 4,000+ cities and towns across states.

Boston based GMO provides various payment and financial related solutions and platforms.

"GMO is also promoting global expansion such as overseas payment-related service development and strategic investment and financing for leading-edge Fintech companies overseas," the statement added.

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The Zeist, Netherlands-based Triodos Investment Management is a globally active impact investor, and a wholly-owned subsidiary of Triodos Bank. It is a globally active impact investor and it invests to generate social and environmental impact alongside a healthy financial return.

Earlier this year, Lendingkart had raised $5.95 million (Rs 44 crore) in debt round of funding from BlueOrchard Finance Ltd. 

About Lendingkart

Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so that they can focus on business instead of worrying about the gaps in their cash-flows.

Lendingkart Technologies Private Limited is a fin-tech startup in the working capital space. The Company has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s creditworthiness and provides other related services.

Lendingkart Finance Limited (formerly Aadri Infin Limited), is a non-deposit-taking NBFC, providing SME lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.