Digital lending start-up, LendingKart raises Rs25 crore debt funding from state bank of India.
Lendingkart represents a group of start-ups that includes Capital Float, Neogrowth and IndiaLends, that offer small ticket-size loans, mostly unsecured credit, to borrowers with limited credit history.
Lendingkart offers loans of an Rs 4-5 lakhs to average ticket size of small and medium businesses.
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As per reported by Mint, Harshvardhan Lunia, co-founder and chief executive officer at Lendingkart said:
“We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME (small and medium enterprise) sector. SBI, being one of the oldest and largest banks, has played a critical role in shaping India’s financial landscape for the last century.”
“With the funds raised, we will further grow our loan books, expanding our reach to many more under-served SMEs (small and medium enterprises,” he added.
With the latest round, the total debt raised by the company to date has grown to Rs378 crore—largely from non-banking financial companies (NBFCs) such as Aditya Birla Financial Services, IFMR Capital and Mannapuram Finance.