Fintech startup Lendingkart has hired Mukesh Singh as its new CTO (Chief Technology Officer), according to statement issued by the company. An alumnus from Indian Institute of Management (IIM) Bengaluru, Singh previously worked in SaaS startup SirionLabs and had a brief stint in Bitzer Mobile ( later acquired by Oracle).
Singh’s appointment is been seen as a part of Lendingkart’s ongoing overhaul of its top management. Last month, the Fintech startup hired Utsav Mehrotra – an ex- Axis Capital executive – as vice president of capital markets and Abhishek Arora (former executive at Dubai based e-commerce firm Souq) as vice president of revenue and operations. Additionally, the company prompted its vice president of finance Piyush Kabra to the position of CFO (Chief Financial Officer).
Singh’s main responsibilities include driving innovative strategies and execution of technology verticals. He will be equally responsible for building new technologies and products for the startup.
The company is hopeful that Singh’s appointment will help in strengthening its automation and data capabilities, which is critical in making loan disbursal process quicker and more accurate.
Founded in 2014 by Lunia and Mukul Sachan, LendingKart provides quick loans to small businesses across the sector. The company so far claims to have disbursed more than 11,000 loans in more than 650 Indian cities.
Today LendingKart is one of the several Fintech startups that are trying to disrupt the lending space through faster & innovative technologies. The main target of these Fintech startups are small businesses (SME’’s) and small business owners as they have been left largely untouched by the banking sector.
The other big players in this space include Capital Floats, KredX, NeoGrowth, Faircent and InstaKash. All these startups have received huge funding from several well-known VC firms, with most investors believing that the loan starved small businesses can become Fintech’s long term growth engine.