wordpress blog stats
Connect with us

Hi, what are you looking for?

Lendingkart raises Rs 30 crore from Dutch development bank

by Aakriti Shrivastava

Lendingkart Finance Limited has raised Rs 30 crore debt funding in the form of NCDs or non-convertible debentures, which are unsecured bonds,  from Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO). The firm plans to use the fresh funds for increasing their loan book and expanding its reach in small and medium enterprises (SME) in India, it said in a press release.

Lendingkart is a non-banking finance company (NBFC) that provides small business loans to SMEs and it is common for lending companies to raise debt funding to replenish their loan books. For instance, Lendingkart Finance Limited has raised $10.51 million (~Rs 70 Crore) in form equity funding in September 2017. It raised $10 million in debt funding in August and another Rs 50 crore of debt fund from Yes Bank and another $12 million debt funding during its B round in June.

It is to be noted that debt funds are different from equity funds. A debt fund may invest in short-term or long-term bonds, securitized products, money market instruments or floating rate debt. On the other hand, an equity fund is a mutual fund that invests principally in company stocks.

Lendingkart provides loans ranging from Rs 1 lakh to Rs 40 lakh on its platform and claims to sanctioned them in a day and disbursed within three days. The loans attract an interest rate of 16-24%. It claims to have disbursed over 20,000 loans to more than 13,000 SMEs across 23 sectors.

Advertisement. Scroll to continue reading.

Lendingkart uses in-house tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. It claims to use 5,000 data variables to assess financial health, comparative market performance, social reliability & compliance of the loanee.

Recent developments

In August 2017, Lendingkart appointed Mukesh Singh as its new chief technology officer (CTO) to drive strategy and execution of technology vertical of the company. In 2016, Lendingkart acqui-hired KountMoney, an online lending marketplace for personal loans, to add to its data analytics and technology capabilities.

You May Also Like

News

Indian fintech company Cred has raised $215 million in Series D funding round led by Falcon Edge and Coatue Management, The Economic Times reported...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ