Lendingkart.com raises $10 million funds from Sama Capital

Lendingkart.com, which uses Indian social fabric and third party verification to provide loans to businesses, had raised its seed fund from India Quotient.
Lendingkart.com raises $10 million funds from Sama Capital
Lendingkart.com, an online working capital finance provider for startups and small and medium enterprises, has raised $10 million, or about Rs 63 crore, from venture capital funds Saama Capital and Mayfield Fund and two ultra-high net worth individuals Ashvin Chadha and Shailesh Mehta.
 
Chadha, an ex-partner of Indian Equity Partners Advisors, and Mehta, a US-based financial technology professional who also runs California-based venture fund GraniteHill Fund, have contributed $3million.
 
Earlier, the eight-month-old Lendingkart.com, which uses Indian social fabric and third party verification to provide loans to businesses, had raised its seed fund from VC fund India Quotient, Ashish Goenka, chairman and MD of Suashish Diamonds Group, and a private equity investor.
 
The Ahmedabad-based startup was founded by Harshvardhan Lunia, a chartered accountant and ISB Hyderabad management graduate, and Mukul Sachan, an engineer and IIM-Bangalore graduate who had been a scientist with the Indian Space Research Organisation and later worked as director finance in a hospitality group.
 
With no collateral, no physical offices and no physical verification staff members on the ground, the digital lending platform provides short-term working capital loans of up to Rs 40 lakh based on an online form filled by the borrower and it disburses the loan amount through affiliated lenders, or lending partners, in three working days.
 
The only cross verification or credential checking is done by using analytics and big data of third party, which Lendingkart.com receives from its lending partners such as Flipkart, Snapdeal and Jabong.
 
"Lendingkart has identified the pain area where new small businesses, SMEs and startups are many a times unorganised and have hardly maintained their books of account, thus they do not get loans from conventional channels like bank or NBFCs," said Lunia, CEO at the firm.
 
According to him, third parties like ecommerce companies have data of sales these small businesses/SMEs/startups make on their platforms as well as their credentials. Based on this third party data, Lendingkart provides loans.
 
In eight months of its operation, it has covered 40 cities and 16 states in India with no physical presence in these places. The company has physical presence only in Ahmedabad and Bengaluru.
Publish Date
Not Sponsored
Live: People Reading Now
 
 
 
 
TRENDING ARTICLE
RECOMMENDED FOR YOU