Fintech company Lendingkart on Saturday announced it has raised debt funding of Rs 75 crore from GMO LLC and Triodos Investment.
The company will use the funds to originate MSME (micro, small and medium enterprises) loans across all states with credit decisions in a live environment using in-house built origination engine 'xlr8' and 'zero touch' features, according to a statement.
"Lendingkart...raised a total debt funding of Rs 75 crore, Rs 25 crores in debt from GMO LLC, a leading company in the payment industry and Rs 50 crores from Triodos Investment Management via NCDs," the statement said.
Elaborating on the announcement, Harshvardhan Lunia, CEO and Founder at Lendingkart said, “The newly infused funds will enable us to disburse working capital loans to underserved MSME customers through our platform".
Additionally, it will help the company increase its reach, and service more pin codes across the country.
"It is our constant endeavour to empower the MSMEs and small businesses and we will continue to bridge the financial gaps for small businesses," Lunia added.
Triodos Investment Management is a globally active impact investor. It invests to generate social and environmental impact alongside a healthy financial return.
GMO provides various payment and financial-related solutions and platforms.
"GMO is also promoting global expansion such as overseas payment-related service development and strategic investment and financing for leading-edge Fintech companies overseas," the statement added.