Wednesday, December 27, 2017
Lendingkart Finance Raises Rs 25 Crore in Cash Credit Facility from State Bank of India
Lendingkart Finance Limited has announced that it has raised Rs 25 crore in cash credit facility from State Bank of India, India’s largest public sector banking and financial services company. This new influx of funds will be used towards growing the loan book. As the company expands its reach to over 950 cities across the country, these funds will come in handy to widen Lendingkart Finance’s offerings to SMEs country-wide. As of today, Lendingkart Finance has disbursed over 20,000 loans to more than 12,000 SMEs across 23 diverse sectors.
Speaking on the latest development, Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies said, “At Lendingkart Finance, we recognize the importance of promoting financial inclusivity among SMEs in our country who are one of the most critical sectors contributing towards the country’s revenue. Given the role they play in growing our economy, if India is to witness unremitting progress, supporting these enterprises is a must. We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME 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. Their rich experience and sound knowledge of the banking industry, will enable us to bridge the gap between demand and supply of small business loans in the country. With the funds raised, we will further grow our loan books, expanding our reach to many more underserved SMEs.”
Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of working capital for SMEs across the country that currently do not have access to credit or are capital deficient.
Lendingkart Finance uses robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability & compliance. Once the evaluation process is completed, loan amount is disbursed to the deserving borrower within 72 hours from the time of application.