The Lendingkart Group has acqui-hired KountMoney, an online lending marketplace for personal loans. With this, Lendingkart will be boosting its data analytics and technology capabilities. KountMoney was founded in October 2015 by Deepak Modak, Gaurav Somani, Abhishek Periwal and Abhi Ranjan. The co-founders will be joining Lendingkart, while the financial details of the deal were not disclosed.
It offers consumers personal loans, gold loans, home loans, education loans and loans against property. It counts HDFC Bank, Axis Bank, ICICI Bank, Kotak Bank, Bajaj Finserve, Fullerton India, Edelweiss among others as its partners.
Meanwhile, Lendingkart’s focus has primarily been primarily been on lending to small businesses and entrepreneurs. It operates as a non-banking finance company (NBFC) and provides loans ranging from Rs 1 lakh to Rs 40 lakh on its platform and claims that they are sanctioned in a day and disbursed in two days. It adds that it requires minimum documentation, especially for ecommerce vendors, and businesses and sellers are not required to provide collateral or net worth details.
It seems that Lendingkart is diversifying its portfolio. With this, it will also be counting BankBazaar as competition which operates as a financial marketplace. BankBazaar compares rates between different financial institutions and to apply for the loan online
Kountmoney had raised an undisclosed round of funding back in November 2015 from Ashish Goenka, chairman and managing director of Suashish Diamonds Ltd and other angel investors.
Lendingkart raised Rs 205 crore ($32 million) in a series B round of funding led by Bertelsmann India Investments (BII) and Darrin Capital Management. Existing investors – Mayfield India, Saama Capital and India Quotient – also participated in the round. The company had raised $10 million in July 2015. It also raised seed funding worth Rs 3.8 crore from Ashish Goenka, Rhythm Ventures, Saama Capital, Ashvin Chadha, Sandip Chintawar, Shailesh Mehta and India Quotient earlier.
– Last month, Capital Float raised $25 million in a series B round of funding led by Creation Investments Capital Management, LLC, with significant participation from existing investors SAIF Partners, Sequoia India, and Aspada.
– In April online credit management service CreditMantri raised Series A funding worth $2.5 million from IDG Ventures, Elevar Equity and Accion Venture Lab. CreditMantri was to use the funds for platform development, hiring and build a user base.
– In the same month, ecommerce marketplace ShopClues launched a financing platform for its vendors called Capital Wings, in order to help them raise funds to expand their business online. The company partnered with digital SME finance company Capital Float to offer working capital loans to small and medium businesses at low interest rates and without any collateral.
-In June 2015, Amazon said it would extend its business loan programme to small sellers in India and seven other countries by the end of this year.
-In the same month, as part of its trade facilitation centre (TFC), Chinese ecommerce player Alibaba tied-up with ICICI Bank to provide trade finance and with certification company SGS to provide credit checks and inspections for the TFC.