Ahmedabad-based online financing company, Lendingkart, has raised $10 Mn (about INR 63 Cr) funding from venture capital funds Saama Capital and Mayfield Fund. Besides, Ashvin Chadha, ex-partner of Indian Equity Partners Advisors and Shailesh Mehta, US-based financial technology professional who also runs California-based venture fund GraniteHill Fund contributed $3 Mn in the total funds raised.
With the infused capital Lendingkart aims at increasing the loan disbursement by six times per month, build a team for ecommerce lending & analytics and to expand its operations.
Founded in 2014 by Harshvardhan Lunia and Mukun Sachan, Lendingkart is dedicated to help entrepreneurs and small & medium businesses owners with short term working capital loans. The company claims to disburse around 70 short term loans every month charging 1.5 to 2 percent interest per month.
Lendingkart has partnered with ecommerce marketplaces like Flipkart, Snapdeal and fashion etailer Jabong to provide working capital loans to their sellers for optimum growth.
Harshvardhan Lunia, CEO, LendingKart, said, “We have identified the pain area where new small businesses, SMEs and startups are many a times unorganised and have hardly maintained their books of account, thus they do not get loans from conventional channels like bank or NBFCs.”
How Does Lendingkart Work?