Ahmedabad-based startup, Lendingkart Finance today said it has raised $10 million (Rs 67 crore) in debt fund from Kotak Mahindra Bank, Aditya Birla Financial Services and other financial institutions. This will help the company re-stock the loan book and reach out to more SMEs as they expand their operations to over 700 cities across the country, Lendingkart said in a statement. Lendingkart Finance has, so far, disbursed over 12,000 loans to more than 9,500 small and medium enterprises (SMEs) across 23 sectors.
“For Lendingkart Finance, the influx of capital at strategic intervals is the key driver to promote financial inclusivity amongst SMEs in India,” Lendingkart Technologies CEO and co-founder Harshvardhan Lunia said. He added that the debt fund will enable the company to provide “critical working capital” to SMEs. “While the funds from this round will be used to replenish our loan book and widen our range across the country, we are confident that our relationship with these companies will help us collectively work towards empowering SMEs through seamless availability of working capital, he said. Lendingkart Finance assesses factors like financial health, comparative market performance, social reliability and compliance to evaluate client’s credit worthiness.