Lendingkart Group, an online lending platform for SMEs, has raised ₹30 crore in debt via non-convertible debentures (NCDs) from Anicut Capital, a leading alternative asset management firm in the country.
Ashvin Chadha, Co-founder at Anicut Capital, on this occasion said:
The credit gap creates abundant opportunities for new-age players to become a lender of choice for these underserved SMEs. Our collaboration with Lendingkart Group is a move to rapidly bridge this gap.
Anicut Capital is an asset management firm founded by Ashvin Chadha and IAS Balamurugan, is the investment manager for Grand Anicut Fund, a Category II AIF. It made its first investment in August 2016. After that, it is reported that it has committed more than Rs 110 crore across six investments.
Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan. The group of Lendingkart includes Lendingkart Technologies Pvt. Ltd. that has built the technology software for credit risk analysis, and a non-banking financial company (NBFC) Lendingkart Finance that underwrites the loans.the company raised $32 million in series B round of debt plus equity funding led by
Lendingkart Finance aggregates technology and analytics tools in the analysis of thousands of data points from various sources to assess the creditworthiness of small businesses rapidly and precisely.
Lendingkart Group targets to make working capital finance available to entrepreneurs quickly so that they can focus on business instead of worrying about the gaps in their cash flows.
The company bagged around $32 million in series B round of debt plus equity funding in June, 2016. Series B was led by Betelsmann India Investment. The company was also backed by Darrin Capital Management Mayfield India, Saama Capital, and India.
Harshvardhan Lunia, CEO and Co-founder at Lendingkart Technologies, said:
The latest round of NCD will further bolster our loan book and enable us to serve the credit needs of many more SMEs. Led by financial industry veterans like Ashvin Chadha and IAS Balamurugan, Anicut has emerged as a perfect match to partner with us in our growth journey. Together, we share the vision of meeting the credit needs of millions of small businesses in the country. We look forward to leveraging Anicut’s rich experience in banking and small business financing in the times to come.
Lendingkart claimed to have given out over 7,000 loans to SMEs in over 450 cities till December 2015 from the time it started its operation. The company targets to cross 10,000 loans covering over 800 cities by June 2017. In addition, Lunia had also said that the company is launching its credit risk analytics software as a service for other financial institutions in 2017.
The funds will be used for supporting and enhancing the lending operations of its subsidiary Lendingkart Finance. Along with that, they will give a considerable amount of focus on small businesses in un-banked regions.