Lendingkart

Uses data-driven analytics to streamline lending to MSMEs that traditional banks consider too risky.

Mission of providing finance to the underserved through robust technology, as stated by CEO Harshvardhan Lunia.

Core customer base seeking short-term working capital loans that traditional banks consider too risky to underwrite.

Added via the Upwards acquisition, expanding Lendingkart's lending to micro-entrepreneurs and personal loans for blue-collar workers employed by MSME borrowers.

Operations span 14,700+ pin codes across 4,100+ cities and towns, with offices in Ahmedabad, Bengaluru, Gurgaon, Mumbai and Hyderabad.

Lendingkart 2gthr lets partner banks and NBFCs extend reach to last-mile MSMEs via Lendingkart's digital ecosystem, cutting loan processing time from about a month to under two weeks.

Lendingkart's core activity is facilitating credit access for small and micro businesses digitally, with the underwriting process driven by data and analytics rather than traditional collateral-based assessment.

Through its 2gthr platform, Lendingkart digitizes partner banks' and NBFCs' loan application and disbursal process end-to-end, then jointly lends to borrowers alongside the partner under a prior co-lending agreement.

Lendingkart disburses roughly INR 400 crore in loans every month, with direct exposure on its own book accounting for about 20% of the total and the remainder funded through co-lending/partner arrangements.

Lendingkart's credit-underwriting engine evaluates MSME borrowers using alternate data -- such as bank statements and GST filings -- across roughly 5,000 data points, rather than relying solely on CIBIL credit scores.

Lendingkart operates as a licensed Non-Banking Financial Company (NBFC), which lets it lend directly to SMBs and MSMEs on its own book rather than only originating loans for others.

Lendingkart's financial resources include a cumulative $325.7 million raised across 18 funding rounds, backing its loan book and technology platform.

Co-founder and CEO Harshvardhan Lunia is a chartered accountant who previously worked as a Relationship Manager at ICICI Bank, City Manager (SME banking) at Standard Chartered Bank, and Small Business Relationship Manager at HDFC Bank before founding Lendingkart.

Launched a co-lending scheme with banks/NBFCs (initially tied up with four to five banks and NBFCs) following RBI's revised co-lending guidelines for priority-sector lending.

Interest income was INR 425.6 Cr in FY23, down 25% YoY.

Financial services income grew over 700% YoY to INR 372.8 Cr in FY23.

Revenue is also diversified through commissions, advertising, and gains on the assignment of loans.

Lendingkart's total expenses declined 15.5% to INR 751.5 Cr in FY23 from INR 889 Cr in FY22, contributing to the company turning profitable that year.

Finance costs rose 4.5% to INR 249.7 Cr in FY23, made up of INR 93.2 Cr interest on debt securities and INR 70.6 Cr in bank loan interest.

Employee benefit expenses jumped over 57% to INR 113.3 Cr in FY23 from INR 71.9 Cr in FY22.

Impairment loss on financial assets, loans and advances declined to INR 112.1 Cr in FY23, down sharply from INR 434.7 Cr spent on provisions and loan write-offs (including Covid-related provisions) in FY22.

Advertising expenses more than doubled to INR 27.6 Cr in FY23, up from INR 13.2 Cr in FY22.