Bangalore: Lendingkart, an online money lending company for startups and SMEs, raises $10 million in a funding round led by Saama Capital and Mayfield Fund. Ashvin Chadha, ex-partner of Indian Equity Partners Advisors and Shailesh Mehta (GraniteHill Fund) also participated in the round. The company will utilize the funds to increase their loan disbursement by six times every month and scale up their workforce for e-Commerce lending and analytics. It also plans to expand its areas of operation to new locations. Earlier, it had raised seed funding from India Quotient and Ashish Goenka, Chairman & MD of Suashish Diamonds Group.
Established in 2014 by Harshvardhan Lunia and Mukul Sachan, Lendingkart is an online financing company which helps entrepreneurs and small businesses with Working Capital Loans. It uses Analytics and Big Data scoring to evaluate a customer’s business and a short term working capital loans ranging from Rs.60, 000 to 40 lakhs based on an online form filled by the borrower.
As of now, the company has its offices in Ahmedabad and Bangalore with its operations running across India. Lendingkart claims to have given out around 70 short-term loans each month at an interest rate of 1.5-2 percent per month and has offered its services in 40 cities and 16 states in India.