WHAT IS LENDINGKART
Lendingkart is a digital lending platform based in Ahmedabad. It offers financial assistance to small and medium enterprises throughout the country by providing loans ranging from ₹ 50,000 to ₹ 1 lakh. Lendingkart can provide these funds due to its partnerships with well-known companies like Flipkart, Paisebazaar, etc.
This company has its presence in major Indian cities like Delhi, Mumbai, Bengaluru, Chennai, and Ahmedabad. Such has been the success of this company, that in 4 years, they received nearly 5 lakh loan applications. In that time, they also processed more than 76,000 loans.
The company has more than 30,000 fans on Facebook and more than 391 followers on Twitter.
THE MEN BEHIND LENDINGKART
Lendingkart is the brainchild of HarshVardhan Lunia, a banker, and Mukul Sachon, an ISRO scientist who graduated from IIM Bangalore. They realized that many small and medium enterprises in India needed a significant financial boost to remain in the market. That’s when they came up with the idea of starting Lendingkart to help these types of companies.
HOW COMPANY WORKS
Companies who want a loan have to apply on the company website by uploading all the necessary valid documents and background data, which takes only a few minutes.
Lendingkart, through its subsidiary of finance, will then verify all the documents and then transfer them to the analytics department. After this process, the applicant companies are assessed in terms of their current growth pattern, cash flows, and revenue patterns. Companies are never judged based on their previous financial history.
Once all these steps are complete, the loans will be delivered 72 hours after the application.
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WHERE DOES LENDINGKART GET ITS FUNDS
Lendingkart gets most of its funds from Mayfield India, Darrin Capital Management, Saama Saami India Investments, Sistema Asia Fund, Indian Quotient, and many more companies.
In the series A round of funding conducted in July 2015, the company raised 10 million dollars. In 2016, the series B round was completed, and 32 million dollars were raised.
The company used the investment received to improve its services. The data science team, mobile capabilities, and technology platform were worked.
CONCLUSION
Since its inception, Lendingkart has helped many companies reach new heights by providing over ₹ 7000 crore credit facilities. Recently, the company has partnered with SBM Bank India to provide an overdraft facility for its clients.
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