Lendingkart raises Rs 25cr in cash credit facility from SBI

LendingKart has raised Rs 25 crore in cash credit facility from State Bank of India. As the company expands its reach to over 950 cities across the country , these funds will come in handy to widen Lendingkart Finance’s offerings to SMEs country-wide.

“At Lendingkart Finance, we recognize the importance of promoting financial inclusivity among SMEs in our country who are one of the most critical sectors contributing towards the country’s revenue...We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME sector...Their rich experience and sound knowledge of the banking industry will enable us to bridge the gap between demand and supply of small business loans in the country. With the funds raised, we will further grow our loan books, expanding our reach to many more underserved SMEs,” said Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies.

According to LendingKart, it has disbursed over 20,000 loans to more than 12,000 SMEs across 23 diverse sectors till date. It uses in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. 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 deserving borrower within 72 hours from the time of application.

Lendingkart Finance has expanded its operations pan India and is present in over 950 cities across 29 states and 7 UTs, offering quick and easy collateral-free loans with minimal paperwork. Till date, over 3,70,000 SMEs have reached out to Lendingkart Finance for their credit requirement.