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Lendingkart Technologies raises $10.5 million from Sistema Asia Fund and other investors

Lendingkart Technologies, an emerging SME lending startup led by founders Mukul Sachan and Harshvardhan Lunia, has raised $10.5 million from Singapore based Sistema Asia Fund along with ertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management. Sistema Asia Fund is also an investor in various other Indian startups like Seclore, Qwikcilver and Wooplr.

Lendingkart Technologies is a fin-tech startup founded in 2014. It deals with providing technology tools based on big data analysis which helps financer to evaluate borrower’s credit competency quickly and accurately along with various other related services. It aims to ease the process of giving loans to small business organisations for SMEs. The recent funding witll be used by the company to improve its technology and analytics capabilities.

As of now, Lendingkart is functioning in over 720 cities and towns all over India. It offers collateral-free loans to smalls businesses of amounts ranging from Rs 50,000 to Rs. 10,00,000 with minimal paperwork.

Till date, over 300,000 Small and Medium sized Enterprises have entended to Lendingkart Finance to avail loans and over 10,000 of them have already recieved capital. One of the main advantages of Ledingkart is their swift process of granting loans. Once the evaluation of the borrower is done, the loan amount is dispensed to the borrower within 72 hours from the time of application. Also, it approach in determining a person’s credit potential is quite different. Lendingkart Finance Limited, unlike banks and many other NBFC (Non Banking Financial Company) does not fixate on vendor’s Past Financial Statements & Income Tax returns to judge his credit profile. It focuses on borrower’s business growth cash flow of only the current year.

Lendingkart wants to make capital funds available for emerging entrepreneurs easily so that they can focus on their enterprise instead of worrying about unforeseen gaps in their cash flow.

Lendingkart had raised $32 million in a series B funding from Betelsmann India in June 2016. It is also in talks to raise another $50 – $80 million in series C funding.


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