On the business page in the newspaper, most of the space is filled with loads of news related to the funding rounds. Top performing startups have grabbed funding either for expansion or to enhance the operation, which depends on the company’s product and service.
LendingKart—a fin-tech startup has recently grabbed a debt funding from private bank, YES Bank. The total value of the funding is yet to be disclosed, but the company claimed that the capital will be used to create loan book as LendingKart now plans to target those SMEs that belong to tier 3 and in the cities with a scarcity of recognized credit facilities.
CEO and Co-founder of LendingKart, Harshvardhan Lunia, said, “LendingKart is following a goal to fulfill the demand of millions of SMEs in India; we are delighted to have Yes Bank with us, backing our vision. Yes Bank is an innovative and dynamic organization that has a strong understanding of the Indian financial sector as well as believes in promoting fin-tech in India. We confidently believe that our affiliation will prove to be jointly beneficial, harmonize each other’s strong point as we drive factual financial inclusion.”
Associated with the Government’s agenda towards building financial inclusion, LendingKart Finance declared to be operational to guarantee flawless accessibility of working capital financing for SME businesses across the nation that have no access to traditional credit possibilities. LendingKart has disbursed more than 11,000 loans to over 7500 and more SMEs functioning across India, it said.
LendingKart Finance stated that it utilizes a stout in-house technology tool that is built on the basis of machine learning algorithm and big data analytics to estimate its customer’s trade.
To determine the creditworthiness of the borrowers, over 4,000 data points are evaluated which include the check of market performance, financial health, fulfillment of legislative requirement and social reliability. After evaluation of the loan applicant is accomplished, the loan is disbursed within 72 Hours to the borrower. Looking at the current position of the LendingKart, the company is operational in 29 states, 7 union territories, and 650 cities.
