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Lendingkart Group raises $10 million in debt funding

Lendingkart Finance Limited has raised $10 million in debt funding from Kotak Mahindra Bank, Aditya Birla Financial Services, and other financial institutions. The funds will be used to expand its operations to 700 cities and restock its loan book.

Note that Lendingkart operates a non-banking finance company (NBFC) and as such, it is common for lending companies to raise debt funding to replenish their loan books.  In June, Lendingkart raised debt funding worth Rs 50 crore from Yes Bank and raised $12 million debt funding during its $32 million Series B round of funding led by Bertelsmann India Investments (BII) and Darrin Capital Management. According to this Livemint report, the company had previously raised an undisclosed amount in debt from DCB Bank Ltd, though it doesn’t specify when this deal took place.

Meanwhile, Lendingkart has raised equity capital upwards of $30 million from Bertelsmann India Investment, Saama Capital, Mayfield India, India Quotient and Darrin Capital Management.

Lendingkart 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 three days. The loans are provided at an interest rate of 16-24%. It adds that it requires minimum documentation, especially for e-commerce vendors, and businesses and sellers are not required to provide collateral or net worth details. The company claims it has signed off on over 11,000 loans to more than 7500 SMEs till date. Lendingkart has tie-ups with CCAvenuePaytmCraftsvilla and Flipkart to provide merchants of these platforms financial assistance via loans. The company says that it has disbursed over 12000 loans to more than 9500 SMEs across 23 different sectors.

The company says it uses in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability and compliance.

KountMoney Acqui-hire: In October last year, Lendingkart had acqui-hired KountMoney, an online lending marketplace for personal loans, to add to its data analytics and technology capabilities. Following the deal, KountMoney co-founders Deepak Modak, Gaurav Somani, Abhishek Periwal and Abhi Ranjan joined Lendingkart. KountMoney offers consumers personal loans, gold loans, home loans, education loans and loans against property.

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