HomeStartupOnline lending startup Lendingkart post Rs 118 crore profit in FY23

Online lending startup Lendingkart post Rs 118 crore profit in FY23

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SME Lending Startup Lendingkart Raises $87 Mn In Equity Funding
  1. Lendingkart reported a profit after tax of Rs 118.81 crore for FY23, marking a turnaround from the previous year’s loss.
  2. The company’s revenue from operations rose by 29.5% to Rs 798.45 crore in FY23 from Rs 616.41 crore in FY22.
  3. Lendingkart significantly reduced its expenses by 15.4% to Rs 751.51 crore in FY23 from Rs 888.99 crore in FY21-22.
  4. Employee benefit expenses surged to Rs 113.26 crore in FY23 from Rs 71.86 crore in FY22, marking a 1.5X increase.
  5. Lendingkart secured Rs 200 crore in long-term debt funding from EvolutiraionX Debt Capital and acquired Mumbai-based fintech Upwards in a deal valued at Rs 100 crore-120 crore to expand its product offerings and technology.
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