Lendingkart Finance disburses 25,000 loans to MSMEs across 1000 Indian cities
Ahmedabad, May 22, 2018: Lendingkart Finance Limited, one of the leading NBFCs in the MSME financing space and part of Lendingkart Group, has expanded its reach to 1000 cities in India. Disbursing more than 25,000 loans across26 diverse sectors and over 100 sub-industries, Lendingkart Finance has emerged as the fastest growing and largest digital lender in the country that caters to the MSME space.
Leveraging its robust technology platform, LendingkartFinance has facilitated seamless disbursal of loans. More than 6.5 lakhMSMEs across the country have reached out to them for their creditrequirements. Lendingkart Finance till date has evaluated over 1.5 lakhloan requests, assessing more than 5,000 variables perrequest to determine the financial health, comparative market performance andsocial reliability quotient of borrowers for further assessment of theircreditworthiness.
Speaking on the breakthrough, HarshvardhanLunia, CEO & Co-founder, Lendingkart Technologies said, “Overthe last couple of years, Lendingkart Group has been able to build a robusttechnology stack with strong data analytics skills that has allowed us toeffectively appraise thousands of borrowers and give them access to finance. Weunderstand the needs and pain points of the MSME segment and are continuallyinnovating and evolving to offer better credit access solutions.”
He further added, “Formed with a vision to fundMSMEs and provide them easy and economical source of funding, Lendingkart Grouphas today reached a stage where we are not just transforming small businesscredit but are also encouraging new businesses and entrepreneurs to take a steptowards financial inclusion. Our phenomenal growth has also been backed byinvestor confidence in the form of significant equity infusion, one of thelargest in the Indian fintech landscape.”
Tier 2 and 3 cities like Zirakpur (Punjab),Rudrapur (Uttaranchal), Dhenkanal (Odisha), Veraval (Gujarat), Aurangabad(Maharashtra), Jhalawar (Rajasthan), Salem and Madurai (Tamil Nadu), Bina andKatni (Madhya Pradesh), Jamshedpur (Jharkhand), Unnao (Uttar Pradesh), Jhajjar(Haryana) and others are now emerging as the key hubs for small andmedium business enterprises and are instrumental in driving growth andexpansion for Lendingkart Finance.
Although banks or formalized institutions have covereda large part of the country, a huge majority of MSMEs in the country still donot have access to credit options. Due to unavailability of timely as well asflexible institutional credit, several MSMEs fail to tide over temporarysetbacks and eventually have to shut shop. Consequently, in alignment with theGovernment of India’s agenda of building financial inclusion, LendingkartFinance is working towards ensuring easy and convenient availability of creditfor small and micro enterprises across the country that do not have access tocredit or are capital deficient.