The India-based company Lendingkart has received $10 million by taking out an external commercial loan from a fund that is overseen by the international impact investment platform BlueOrchard.
The money will go towards the fintech company’s financing programmes for small and medium-sized businesses.
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The India International Exchange at Gujarat International Finance Tec-City, a centre for financial and IT companies, is where it’s nonconvertible debentures are listed.
It was founded in 2014 and has since disbursed loans totaling more than US$1.9 billion. Over 280,000 loans have been given by the company throughout all Indian states and union territories. It has operations in Mumbai, Delhi, Bengaluru, and Ahmedabad.
In order to assess creditworthiness and offer finance-related services, Lendingkart has also created tools based on data analysis and machine learning algorithms.
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In 2023, the company announced a group net profit of US$13.9 million. Additionally, it obtained long-term debt funding in June 2023 from EvolutionX Debt Capital for about US$24 million.
Kinara Capital, a rival of Lendingkart, has obtained US$24.4 million in debt financing from Impact Investment Exchange and a BlueOrchard fund.
About Lendingkart
Lendingkart Group wants entrepreneurs to be able to easily get working capital financing so they can concentrate on growing their businesses rather than worrying about shortfalls in their cash flow.
