Digital lending platform Lendingkart clocks Rs 30 Cr net profit in Q1 FY24

Fullerton-backed Lendingkart Group said it has clocked a 99% jump in its net profit to Rs 30 crore for the June 2023 quarter as compared to the same quarter last year. 

The Ahmedabad-based MSME-focused digital lender said it disbursed loans worth Rs 1,213 crore, a 49% y-o-y increase. Of this, Rs 963 crore was disbursed via co-lending partnership with over 20 banks and NBFCs while the rest was facilitated by Lendingkart’s in-house NBFC. 

The overall revenue jumped 43% to Rs 268 crore in the said period. Currently, the company claims to have two lakh customers across India.

“For Lendingkart, the first quarter of FY24 has been a resounding success, showcasing an unwavering commitment to growth and financial empowerment of small businesses across the country.We will continue to focus on simplifying finance for small businesses and driving economic growth with our innovative solutions,” said Harshvardhan Lunia, Founder and CEO, Lendingkart Group. 

The company closed its FY23 at Rs 120 crore profit against a net loss of about Rs 203 crore in the fiscal year before while the revenue grew 34% to Rs 828 crore. 

Founded in 2014 by Lunia, Lendingkart Group is backed by international investors like Fullerton Financial Holding (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others, and has raised around Rs 1,100 crore of equity till date.

Since its inception, the group claims to have disbursed over 2.5 lakh loans worth over 15,000 crore.