LENDINGKART RAISES 200 CRORE FROM EVOLUTIONX DEBT CAPITAL

Lendingkart, a financial technology company, has raised Rs 200 crore in long-term debt financing from growth-stage debt financing platform EvolutionX Debt Capital.

The company said the fintech will use the funds to drive growth, build on its profitable numbers in FY23, and enable financing for many MSMEs across India.

Lendingkart also plans to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals, and gold loans, among others.

Harshvardhan Lonia, Founder and CEO of Lendingkart Group said: “As we continue our mission to simplify financing for MSMEs, we are thrilled to find an exceptional partner in EvolutionX for the next step of our journey. This investment does not validate the growth path we have chosen by focusing solely on microenterprises and underserved SMEs in India, but will also help us achieve new milestones as we remain focused on profitable growth.”

Lunia said that FY24 will be an exciting year for Lendingkart as it looks to solve new challenges by creating industry first products and developing its technology stack.

• Read: Lendingkart acquires top digital retail lender for Rs 100 crore

Rahul Shah, Partner, EvolutionX Debt Capital, He said, “This is our first investment in fintech and we look forward to supporting the company’s journey in innovating the massive digital lending space in India.”

Founded by DBS and Temasek, EvolutionX says it sees huge opportunities for fintech players in India's large, medium, small and micro credit space but is underserved.

“We believe Lendingkart will continue to lead the market and bridge the funding gap for MSMEs with its industry-leading and comprehensive customer acquisition, credit underwriting and collection technology suite, as well as its industry-leading product innovation and customization capabilities,” said Shah.