Lendingkart to expand credit offerings
Singapore’s Fullerton Financial Holdings Pte Ltd (FFH), along with participation from existing investors, is leading over US$87 million being raised by Indian Fintech Lendingkart Technologies Private Limited.
With this Series C round of funding, Lendingkart Group’s cumulative equity and debt raising will exceed US$173 million.
FFH is a subsidiary of Temasek Holdings, a Singapore state-owned investment and funding corporation.
The funds from this round will enable Lendingkart Group to further strengthen its technological and analytics capabilities.
Lendingkart Technologies is a leading Fintech company in India and the only Indian Fintech player featuring in the Global Top 50 Established Innovators list published by KPMG in ollaboration by H2 Ventures in 2017.
It aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro
enterprises.
Harshvardhan Lunia, Co-Founder & CEO of Lendingkart Technologies, said, “We are pleased to collaborate with
Fullerton as they bring deep domain experience in the rapidly growing financial services space in India and globally.
“We look forward to leveraging their insights as we build a leading platform for digital
lending in India.”
Commenting about the investment in Lendingkart Technologies, GAN Chee Yen, CEO of Fullerton Financial Holdings said, “We are pleased with the opportunity to deepen our exposure in India’s
rapidly growing financial services market.
“Today, we are witnessing the rapid advancement and adoption of technological innovation in India.
“We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India.
We are committed to supporting Lendingkart Group on its journey to become a leading digital lender in India,” said Gan.
Lendingkart Group has also signed a Memorandum of Understanding with Fullerton India Capital Company, a wholly owned subsidiary of FFH regarding possible opportunities and initiatives to support their respective businesses.
Since its inception, Lendingkart Finance, a unit of Lendingkart Group, has evaluated more than 100,000 applications, disbursed over 20,000 loans in more than 950 cities helping more than 13,000 SMEs across 23 diverse sectors.
Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of credit for small and micro enterprises across the country that currently do not have access to credit or are capital deficient.
Lendingkart uses robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate
creditworthiness.
Thousands of data points are used to assess factors like financial health, comparative market performance, social reliability & compliance.
Once the evaluation process is completed, most of the successful loan applicants receive their loans within 72 hours. Lendingkart has expanded its operations pan India and offers quick and easy loans with minimal paperwork.
Credit Suisse acted as the exclusive financial advisor to Lendingkart Technologies. fii-news.com
