Lendingkart Secures Rs 200 Crore Debt Funding from EvolutionX, Expanding Its Fintech Reach

Lendingkart Secures Rs 200 Crore Debt Funding from EvolutionX, Expanding Its Fintech Reach

Lendingkart, a prominent fintech startup based in India, has achieved a significant milestone by securing a long-term debt funding of Rs 200 crore from EvolutionX Debt Capital, a renowned financing platform. This investment marks EvolutionX’s third foray into the growth stage debt financing sector, following its successful investments in API Holdings (PharmEasy) and Udaan.

Operating through its NBFC arm, Lendingkart Finance Limited, and its subsidiary Lendingkart Technologies, which offers co-lending Software-as-a-Service (SaaS) solutions, Lendingkart plans to utilize the newly acquired funds to introduce a range of innovative products. These offerings include tailored credit cards for Micro, Small, and Medium Enterprises (MSMEs), personal loans designed for self-employed individuals, and gold loans. The company has expressed its intentions through an official statement, highlighting its commitment to expanding its product portfolio.

In the fiscal year 2022-23, Lendingkart’s dedicated focus on supporting MSMEs resulted in a remarkable profit of Rs 120 crore, showcasing a staggering growth of 44% in disbursements compared to the previous year. Further expanding its range of services, the company recently acquired Upwards, a digital lending platform, for a substantial sum of Rs 100 crore.

Harshvardhan Lunia, the esteemed Founder and CEO of Lendingkart Group, expressed his pride in the company’s achievement as one of the few profitable fintech firms operating at scale in India. Lunia emphasized Lendingkart’s dedication to utilizing efficient and robust technology to cater to the needs of the underserved MSME sector.

EvolutionX Debt Capital, backed by influential entities like Temasek and DBS, has now made its third investment, pioneering its entry into the fintech realm. The platform’s debut investment in November 2022 involved supporting API Holdings, the parent company of the renowned PharmEasy brand. Subsequently, EvolutionX invested in Udaan, a leading B2B e-commerce platform.

Rahul Shah, a Partner of EvolutionX Debt Capital, expressed his optimism regarding the immense potential for fintech players in India’s vast yet underserved MSME credit market. Shah firmly believes that Lendingkart, with its cutting-edge technology stack encompassing customer acquisition, credit underwriting and collection, as well as innovative product customization capabilities, will continue to dominate the market and bridge the funding gap for MSMEs.

Lendingkart Group takes pride in its impressive roster of international investors, including Fullerton Financial Holding (FFH), a subsidiary of Singapore Sovereign Fund Temasek Holdings, and other prominent names such as Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient. With successful equity funding rounds amounting to approximately Rs 1,050 crore, Lendingkart’s strong appeal to global investors is evident.

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