Lendingkart raises Rs 200 crores in Debt Financing from EvolutionX Debt Capital

Lendingkart, a leading fintech company, raised ₹ 200 crores in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital. The company will use the funds to drive its growth as it looks to build on its profitable yearly numbers in FY23 and drive its core business growth by enabling financing for a much higher number of MSMEs across India. Lendingkart will continue to invest in its tech capabilities which bolster its lending platform which in turn will further partnerships with marquee banks and NBFCs of India. Utilising these funds and the partnerships, Lendingkart plans to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals, & gold loans among many others.

Harshvardhan Lunia, Founder and CEO of Lendingkart Group said, “We are proud to be one of the few profitable fintech’s operating at scale in India. As we continue our mission to simplify MSME finance, we are pleased to find an exceptional partner in EvolutionX for the next step of our journey. This investment does not only validate the growth path we’ve chosen for ourselves by focusing on serving the underserved MSMEs in India but will also help us in achieving new milestones as we continue to focus on profitable growth. Over the years, we have built efficient and robust technology to support the underserved MSME sector. FY24 is going to be an exciting year for Lendingkart as we look to solve newer challenges by creating industry-first products and evolving our tech stack.”

Commenting on the investment, Rahul Shah, Partner of EvolutionX Debt Capital, said “We see tremendous opportunities for fintech players in India’s large but underserved MSME credit space. We believe Lendingkart will continue to lead the market and fill the funding gap for the MSMEs with its pioneering, end-to-end tech stack in customer acquisition, credit underwriting and collection, as well as its leading product innovation and customization capabilities. This is our first fintech investment and we look forward to supporting the company’s journey of innovating India’s huge digital lending space.”

About Lendingkart Group:

Founded in 2014 by Harshvardhan Lunia, Lendingkart has offices in Ahmedabad, Bengaluru, Mumbai, Gurugram, and has service reach across India. The group is financed by reputed international investors like Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around ₹ 1050 Crores of equity till date.

Lendingkart Group is a fintech startup in the working capital space. The Company has developed technology tools based on big data analysis and machine learning algorithms which facilitate lenders to evaluate borrower’s creditworthiness and provide other related services.

Lendingkart Group is on a mission to make credit available to MSMEs pan-India using technology and alternate data-first approaches. The company has built a proprietary platform to solve for the basic building blocks of MSME financing like distribution, origination, underwriting, engagement, and collections, and by democratizing access to this platform by providing open access to APIs across the funnel.

Since its inception, Lendingkart Group has evaluated over 1.6 million applications, disbursing over 2,30,000 loans of over 14,000 crores in more than 4000+ cities and towns across all states and union territories of India, reaching over 11,700 pin codes and making it an NBFC having the largest geographical footprint in the country. To date, Lendingkart has disbursed over 1.7 billion USD worth of loans.

About EvolutionX Debt Capital:

EvolutionX Debt Capital is a debt financing platform for growth stage technology-enabled companies across Asia, with a focus on India, China, and Southeast Asia. Founded by DBS and Temasek, the Fund seeks to accelerate the digitisation of Asia’s economy by investing into next generation technology leaders across sectors such as financial services, consumer, healthcare, education, and industrial development.For more information, refer to www.evolutionx.com.sg