The move will enable Lendingkart to boost its technology and data analytics capabilities. It will also help to broaden its service portfolio and develop efficient and consumer-centric product offerings.
Harshvardhan Lunia, co-founder and CEO, Lendingkart Technologies said, “KountMoney has been performing exceptionally well in the field of online personal loan disbursals. Its emphasis on using tech to make loan disbursals simpler and quicker makes it a perfect synergistic match for Lendingkart Group. By acquihiring KountMoney, we will be able to further strengthen our tech backbone and leverage the data analytics expertise of the online lending platform to enhance our service delivery.”
Lendingkart was founded in 2014, by ex-Banker and ISB Hyderabad alumnus, Harshvardhan Lunia and ex-ISRO scientist, IIM Bangalore alumnus, Mukul Sachan. It aims to tap into India’s huge underserved lending market by expanding its footprint further across India.
On the other hand, KountMoney was founded in October 2015 by Abhishek Periwal, Deepak Modak and Abhi Ranjan. It is an online platform for personal loans. Its product portfolio includes personal loans, gold loans, home loans, education loans, and loan against property.
Talking about the move, KountMoney co-founder Deepak Modak said “We founded KountMoney with a vision to create technology and a platform that will make the process of accessing loans easy, fast and transparent. We are pleased to take our learnings as well as experience to Lendingkart Group and continue working towards our goal.”
Earlier in July, Lendingkart raised $32 Mn in (INR 205 Cr.) in Series B round. The funding was divided into two parts viz. $20 Mn as equity and $12 Mn as debt. The investment was led by Bertelsmann India Investments (BII), with participation from Darrin Capital Management and existing investors – Mayfield India, Saama Capital, and India Quotient.
Other portals in this space include Quikrupee, SMEcorner, Innoviti, Biz2credit, smehelpline, and smegetmoney.