Lendingkart, a pioneer in financial services and a leading fintech company, raised a debt funding of INR 50 crores through NCD-MLD issuance. As part of this funding, INR 20 crores is raised from InCred Capital Financial Services Private Limited, a private NFI in India and INR 30 crores from Yubi (Formerly CredAvenue) and its investors, world's first possibility platform powering the discovery, investment, fulfilment of credit.
Commenting on the announcement, Harshvardhan Lunia, CEO & Founder at Lendingkart said, “With the continued growth path and a sheer commitment to provide working capital loans to small businesses through its platform, Lendingkart is empowering MSMEs in the country and enabling them to create a successful business while bridging the financial gaps.”
The debt capital raised will be utilized for the purpose of on-lending business loan to the MSME segment, thus empowering the MSME segment to augment their business.
“The newly gained funds will help us in reaching out to more entrepreneurs and ensure financial aid for their businesses. With more small and medium businesses coming into the mainstream, the dream of “Aatmanirbhar Bharat” and “5 trillion economy” will come to reality.” added Lunia.
InCred is credit for Incredible India. They use technology and data-science to make lending quick, simple and hassle-free. They believe traditional ways of lending can exclude those most in need because of outdated, rigid and often inefficient processes. At InCred, they have simplified the lending process with a sharp focus on serving our borrowers’ unique needs and circumstances – offering our customers a truly superior borrowing experience. InCred Finance, the lending business of the group was founded in 2016 by Bhupinder Singh as a new-age, tech-and risk-analytics-focused lending institution. Its business verticals include Retail Lending, Small Business Lending and Education Finance. InCred's lending approach is based on the twin pillars of domain expertise and risk analytics with a cutting-edge tech architecture acting as the backbone for the firm's full suite of functions and processes.