Lendingkart Finance Ties Up with Sistema Business Scalerator to Serve SMEs in South India
Incidentally Sistema’s venture capital fund, Sistema Asia Fund had also participated in Lendingkart Technologies’ Series C round of investment
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Lendingkart Finance today announced that it has tied up with Sistema Business Scalerator to serve SMEs in South India. The Sistema team has built on-ground presence in select states where they will source business for Lendingkart Finance through their contact points and facilitate the loan disbursal process.
Lendingkart Technologies is an online platform that makes working capital finance available to SMEs. As per the terms of engagement, Sistema Business Scalerator will deploy its team in the states of Tamil Nadu, Kerala, Karnataka, Telengana, Andhra Pradesh and Puducherry to help Lendingkart Finance source business and scale its operations in those states. The on-ground team, which will be entirely managed end-to-end by Sistema Business Scalerator, will help the prospective customers to apply for loan through online platform of Lendingkart Technologies. They will assist the prospective customers to fulfill the documentation formalities and submit it to Lendingkart Finance for further process. Once Lendingkart Finance’s evaluation process is completed, loan amount will be disbursed to the qualifying borrower within 72 hours from the time of application.
Talking about this business opportunity Suresh S Kumar, Executive Director, Sistema Business Scalerator said, “Lendingkart Finance is fast gaining a reputation of being the go-to option for business loans across the country. With our exquisite sourcing model, we will be able to reach more prospective customers and take Lendingkart Finance’s offerings even to smaller towns.”
Harshvardhan Lunia, CEO & Co-Founder, Lendingkart Technologies said, “We are excited to partner with Sistema Business Scalerator to further deepen our reach in smaller markets. Through this association, we will be able to help many more SMEs in regions where access to finance is still a challenge.”
Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) has evaluated more than 100,000 applications, disbursed over 20,000 loans in more than 960 cities helping more than 13,000 SMEs across 23 diverse sectors.
Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of credit for small and micro enterprises across the country that currently do not have access to credit or are capital deficient. Lendingkart Finance uses robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. Thousands of data points are used to assess factors like financial health, comparative market performance, social reliability & compliance. Once the evaluation process is completed, most of the successful loan applicants receive their loans within 72 hours. Lendingkart Finance has expanded its operations pan India and offers quick and easy loans with minimal paperwork.
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