Fullerton Financial Holdings, a wholly owned portfolio company of Singapore-based Temasek, will acquire a controlling stake in India-based Lendingkart Technologies Private Limited, a fin-tech startup in the working capital space.
This will strengthen Lendingkart’s position as a pioneer in digital lending and involve an investment of up to ₹252 crore (about $30 million) in the Ahmedabad-based fintech.
FFH will own the majority of Lendingkart as a result of the investment.
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However, it was not specified how much ownership FFH will have in Lendingkart after this investment deal receives regulatory approval. With the help of FFH’s capital infusion, Lendingkart will be able to improve its technology and expand into underserved markets, which will help it further its goal of promoting financial inclusion for small businesses in India.
Commenting on the investment, Hong Ping Yeo, CEO of FFH, said, “FFH’s mission since inception is to be the catalyst in enriching lives and enabling the success of customers and communities served by our portfolio companies across Asia. Our investments in Lendingkart are a testament to our continued belief in the MSME opportunity in India and that well-governed, scalable franchises can bring significant value to small businesses.”
Harshvardhan Lunia, Founder & Managing Director of Lendingkart, said, “We are excited to further deepen our partnership with FFH in what will truly be a transformative phase of our journey. This investment represents a vote of confidence in Lendingkart’s ability to transform the MSME lending landscape. Our goal is to replicate FFH’s past successes in the Indian financial markets.”.
About Lendingkart
Founded in 2014, Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs so that they can focus on business instead of worrying about the gaps in their cash flows. Lendingkart Technologies Private Limited is a fintech startup in the working capital space. The company has developed technology tools based on big data analysis that facilitate lenders’ evaluation of borrowers’ creditworthiness and provide other related services. Lendingkart Finance Limited (formerly Aadri Infin Limited) is a non-deposit-taking NBFC, providing SME lending in India.
The company aims to transform small business lending by making it convenient for SMEs to access credit easily. The company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.
About Fullerton Financial Holdings
Long-term strategic and operating investor in financial and related services in emerging markets. Committed to building differentiated business models focused on the mass market and SME segments. Enabler of digital innovation for our portfolio companies. Its vision is to be the leading Asian strategic and operating investor in financial and related services for the mass market and SMEs.
