India Inc India Inc: Thursday, 11 January 2018 06:41

Lendingkart raises $4.69mn from Dutch bank

India’s Lendingkart Finance has raised Rs 30 crore ($4.69 million) in non-convertible debentures (NCDs) from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), a Dutch development bank that invests in growth and frontier markets.

Lendingkart said this new influx of debt funds will be used towards growing the loan book and expanding the reach of Lendingkart Finance across SME industries. As of today, Lendingkart Finance has disbursed over 20,000 loans to more than 13,000 SMEs across 23 sectors.

Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies, said: “With a committed portfolio of €9.8 billion, FMO is one of the larger bilateral private sector development banks globally. This being our first foreign debt raise will open avenues for Lendingkart Finance’s future foreign debt funding as well.”

He added that the fresh capital will be utilised to refuel loan books that will allow the company to cater to a wider range of SMEs who need working capital finance.

Lendingkart Finance uses technology tools based on big data analytics and machine learning algorithms to evaluate its client’s credit worthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability and compliance. Once the evaluation process is completed, loan amount is disbursed to the eligible borrower within 72 hours from the time of application.

India Investment Journal’ has in-depth coverage on related topics.

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