Lendingkart, a leading fintech company in India, has secured USD 10 million via an external commercial borrowing (ECB) from a BlueOrchard fund. This funding will be used to further expand the company’s lending operations and reach a wider customer base.
Lendingkart offers a range of financial products and services to small and medium-sized enterprises (SMEs) in India. The company has disbursed over INR 10,000 crores in loans to over 1.5 lakh customers since its inception in 2014.
The ECB from BlueOrchard will provide Lendingkart with additional capital to support its growth plans. The company plans to use the funds to expand its product portfolio, hire new talent, and enter new markets.
Commenting on the funding, Harshvardhan Lunia, Co-founder & CEO of Lendingkart, said:
“We are excited to partner with BlueOrchard on this ECB. This funding will help us to further accelerate our growth and reach a wider customer base. We are confident that this partnership will be mutually beneficial and will help us to achieve our mission of empowering SMEs in India.”
About Lendingkart
Lendingkart is a leading fintech company in India that offers a range of financial products and services to small and medium-sized enterprises (SMEs). The company has disbursed over INR 10,000 crores in loans to over 1.5 lakh customers since its inception in 2014. Lendingkart is headquartered in Mumbai and has offices in 13 cities across India.
Also Read: Fintech Funding Trends: A Closer Look at Q1 2024
About BlueOrchard
BlueOrchard is a leading impact investment manager dedicated to investing in emerging and frontier markets. The firm has over USD 3 billion in assets under management and invests in a range of sectors, including microfinance, sustainable agriculture, and renewable energy. BlueOrchard is headquartered in Zurich and has offices in 10 countries around the world.
Additional Insights on Lendingkart’s ECB from BlueOrchard
1. Strategic Significance:
- This ECB signifies Lendingkart’s growing financial strength and its ability to attract international investors.
- It demonstrates the company’s commitment to expanding its reach and impact in the Indian SME lending market.
- The partnership with BlueOrchard, a renowned impact investor, aligns with Lendingkart’s mission of promoting financial inclusion and empowering SMEs.
2. Impact on Lendingkart’s Growth:
- The USD 10 million funding will enable Lendingkart to:
- Expand its product portfolio and introduce new financial solutions for SMEs.
- Enhance its technology infrastructure and improve customer experience.
- Hire skilled professionals and strengthen its team.
- Enter new markets and expand its geographical footprint.
3. Benefits for SMEs:
- Increased access to affordable credit for SMEs, boosting their growth potential.
- Improved financial management and planning capabilities for SMEs.
- Enhanced competitiveness and resilience of SMEs in the market.
4. Future Outlook:
- This ECB paves the way for further collaborations and investments in Lendingkart.
- The company is expected to continue its strong growth trajectory and play a significant role in shaping the Indian SME lending landscape.
- The partnership with BlueOrchard can open doors for Lendingkart to explore international expansion opportunities in the future.
5. Additional Considerations:
- The terms and conditions of the ECB, such as interest rate and repayment schedule, will influence Lendingkart’s financial performance.
- The company needs to ensure efficient utilization of the funds to maximize its impact and achieve its growth objectives.
- Market competition and regulatory changes in the Indian financial sector could impact Lendingkart’s operations and growth prospects.
Overall, Lendingkart’s successful acquisition of USD 10 million via an ECB from BlueOrchard is a positive development that holds significant potential for the company’s future growth and its contribution to the Indian SME ecosystem.
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