BackLendingkart raises ₹50 crore from Incred, Yubi among others
The capital raised will be used to on-lend business loan to the MSME segment, thus empowering it to augment their operations.
PremiumLendingkart on Friday said it has raised ₹50 crore through issuances of non-convertible debentures and market-linked debentures. The company raised ₹20 crore from InCred Capital Financial Services Private Limited and ₹30 crore from Yubi (formerly CredAvenue) and other investors.
The capital raised will be used to on-lend business loan to the MSME segment, thus empowering it to augment their operations.
“The newly gained funds will help us in reaching out to more entrepreneurs and ensure financial aid for their businesses. With more small and medium businesses coming into the mainstream, the dream of “Aatmanirbhar Bharat" and “5 trillion economy" will come to reality," said Harshvardhan Lunia, CEO and founder, Lendingkart.
Lendingkart was founded in 2014 by Lunia in the working capital space for MSMEs. The fintech company has developed technology tools based on big data analysis and machine learning algorithms that facilitate lenders to evaluate borrower’s creditworthiness and provide other related services.
“With the continued growth path and a sheer commitment to provide working capital loans to small businesses through its platform, Lendingkart is empowering MSMEs in the country and enabling them to create a successful business while bridging the financial gaps," said Lunia.
Lendingkart has raised around ₹1,100 crores of equity till date from a clutch of international investors, including Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient and others.
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