Brands
YSTV
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Yourstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

Videos

ys-analytics
ADVERTISEMENT
Advertise with us

Lendingkart raises Rs 200 Cr debt funding from Temasek-backed EvolutionX

This is the third investment of the growth stage debt financing platform EvolutionX Debt Capital after API Holdings (PharmEasy) and Udaan.

Lendingkart raises Rs 200 Cr debt funding from Temasek-backed EvolutionX

Tuesday June 27, 2023 , 2 min Read

Fintech startup Lendingkart has raised Rs 200 crore in long-term debt funding from financing platform EvolutionX Debt Capital. 

The group offers loans via its NBFC arm, Lendingkart Finance Limited, and co-lending Software-as-a-Service (SaaS) platform through its subsidiary Lendingkart Technologies. 

The latest funding will be deployed to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals, and gold loans, the company said in a statement. 

The MSME-focused lender recorded a profit of Rs 120 crore in FY23, a 44% growth in disbursements compared to the year prior. Also, it recently acquired Upwards, a digital lending platform, for Rs 100 crore to broaden its offering. 

“We are proud to be one of the few profitable fintechs operating at scale in India. Over the years, we have built efficient and robust technology to support the underserved MSME sector,” said Harshvardhan Lunia, Founder and CEO at Lendingkart Group. 

This is the third investment of the Temesak and DBS-backed growth stage debt financing platform, and the first in the fintech space. 

In early November 2022, Singapore-headquartered EvolutionX announced its maiden investment in API Holdings, which owns the PharmEasy brand, followed by its investment into the B2B e-commerce platform, Udaan.

“We see tremendous opportunities for fintech players in India’s large but underserved MSME credit space. We believe Lendingkart will continue to lead the market and fill the funding gap for the MSMEs with its pioneering, end-to-end tech stack in customer acquisition, credit underwriting and collection, as well as its leading product innovation and customisation capabilities," Rahul Shah, Partner of EvolutionX Debt Capital, said.

Lendingkart Group is financed by international investors like Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others, and has raised around Rs 1,050 crore of equity till date.


Edited by Affirunisa Kankudti