Lendingkart, a fintech company, has raised ₹200 crore in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital.
The fintech will use the funds to drive growth, building on its profitable numbers in FY23, and enable financing for many more MSMEs (micro, small and medium enterprises) across India, the company said.
Lendingkart also plans to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals, and gold loans, among others.
Harshvardhan Lunia, Founder and CEO of Lendingkart Group, said, “As we continue our mission to simplify MSME finance, we are pleased to find an exceptional partner in EvolutionX for the next step of our journey. This investment does not only validate the growth path we’ve chosen by focusing on the underserved MSMEs in India but will also help us in achieving new milestones as we continue to focus on profitable growth.”
Lunia said FY24 will be an exciting year for Lendingkart as it looks to solve newer challenges by creating industry-first products and evolving its tech stack.
Rahul Shah, Partner of EvolutionX Debt Capital, said, “This is our first fintech investment and we look forward to supporting the company’s journey of innovating India’s huge digital lending space.”
EvolutionX, which was founded by DBS and Temasek, says it sees tremendous opportunities for fintech players in India’s large but underserved MSME credit space.
“We believe Lendingkart will continue to lead the market and fill the funding gap for MSMEs with its pioneering, end-to-end tech stack in customer acquisition, credit underwriting, and collection, as well as its leading product innovation and customisation capabilities,” Shah said.