Lendingkart Co-founder and COO Mukul Sachan resigns
Lendingkart Technologies' Co-founder and Chief Operating Officer (COO) Mukul Sachan has quit the startup, the company confirmed on Friday.
Sachan started Lendingkart along with co-founder Harshvardhan Lunia in 2014. According to the company, Sachan is leaving the firm to explore his interests in investment management. However, he will continue to be an active mentor and a consultant for Lendingkart, dividing his time equally.
Speaking on Sachan’s departure, Harshvardhan Lunia, CEO and Co-founder, Lendingkart, said,
“Mukul and I started Lendingkart in 2014 with a vision to financially enable the growing ecosystem of MSMEs in India. He has contributed immensely to the company’s growth and helped us expand our reach to the remotest parts of our country. After spending close to six years in the company and being a pillar of strength for all of us, Mukul has decided to step down from his role as Chief Operating Officer. He will now be exploring his interests in investment management but will continue to be an active mentor and a consultant for the group, dividing his time equally.”
Sachan started his career as an engineer and scientist for ISRO (Indian Space Research Organisation), after which he completed his MBA in finance from IIM-Bangalore. Sachan has also worked with investment and financial services firm, Edelweiss Group, as well as, advisory services company, Futures First.
“The board and I thank him for the wonderful time and fully support his decision. At Lendingkart, we always strive to innovate and adapt, and will be on the lookout to grow our team, increase the management bandwidth of the group and hire seasoned talent in the coming months,” Harshvardhan continued.
Lendingkart Group provides short term working capital loans to SME borrowers under Lendingkart Finance Limited - a non-deposit taking NBFC arm of the group.
The startup has a reach across the country with offices in Ahmedabad, Bengaluru, Mumbai, Delhi NCR and Kolkata.
Since its inception, Lendingkart Finance claims to have evaluated nearly half a million applications, disbursing 70,000+ loans to more than 60,000 MSMEs in 1,300+ cities across all 29 states and union territories of the nation.
Till date, the group has raised about Rs 983 crore of equity funding from various investors, which includes Fullerton Financial Holding — a fully subsidiary of Singapore Sovereign Fund — Temasek Holdings, Saama Capital, Mayfield India, Bertelsmann, Darrin Capital Management, Sistema Asia and India Quotient, among others.
(Edited by Suman Singh)