Lendingkart Finance raises Rs 30 crore to expand reach across SMEs

Lendingkart Finance on Tuesday said that it has raised Rs 30 crore in non-convertible debentures (NCDs) from Nederlandse Financierings-Maatschappij voor […]

   

Lendingkart Finance on Tuesday said that it has raised Rs 30 crore in non-convertible debentures (NCDs) from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), a Dutch development bank that invests in growth and frontier markets. This new influx of debt funds will be used towards growing the loan book and expanding the reach of Lendingkart Finance across small and medium industries (SME), Lendingkart said in a statement. As of today, Lendingkart Finance has disbursed over 20,000 loans to more than 13,000 SMEs across 23 sectors. “With a committed portfolio of 9.8 billion euros, FMO is one of the larger bilateral private sector development banks globally … This being our first foreign debt raise will open avenues for Lendingkart Finance’s future foreign debt funding as well,” Lendingkart Technologies CEO and co-founder Harshvardhan Lunia said. The fresh capital will be utilised to refuel loan books that will allow the company to cater to a wider range of SMEs who need working capital finance, he added. Lendingkart Finance uses technology tools based on big data analytics and machine learning algorithms to evaluate its client’s credit worthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability and compliance. Once the evaluation process is completed, loan amount is disbursed to the eligible borrower within 72 hours from the time of application.





Trending

Micromanagement in the times of crisis

Navigating the new normal: micromanagement in the times of crisis

coronavirus agriculture

New features in e-NAM portal to strengthen agri marketing; farmers remotely can trade the produce

coronavirus real estate

Lockdown Impact: Housing sales to drop by 25-35%; Players to rely more on technology

MSME relief package

Covid-19 Economic Impact: Hit MSMEs, exporters to get relief package

gst collection - coronavirus

GST revenue fell by 4% in March due to COVID-19 lockdown

coronavirus RBI

More measures from RBI to deal with Coronavirus crisis

RAI

RAI requests RBI to implement a three-month moratorium on loans

Coronavirus trade impact

Covid-19 Economic Impact: Government extends foreign trade policy for one year

Coronavirus tax

Covid 19 Economic Impact : Finance Ministry issues Taxation and other Laws Ordinance, 2020

Coronavirus MSME

Covid-19 Economic Impact: Tamil Nadu CM announces concessions for MSME units, farmers

Coronavirus sanitizer industry

Covid-19 Impact: Chemical manufacturers brace for drop in revenues

medical kits

MSME ministry: Inform govt if you are dealing with products required to fight Covid-19