Digital lending platform for SMEs Lendingkart Group on Thursday announced raising of Rs. 30 crore Non-Convertible Debentures (NCDs) from Anicut Capital, one of the leading alternative asset management firms of India.
The latest infusion of growth capital will be used by the Lendingkart Group in strengthening the lending operations of its subsidiary NBFC, Lendingkart Finance Limited, with focus on small businesses in unbanked regions.
"The latest round of NCD will further bolster our loan book and enable us to serve the credit needs of many more SMEs. Led by Financial industry veterans like Ashvin Chadha and IAS Balamurugan, Anicut has emerged as a perfect match to partner with us in our growth journey. Together we share the vision of meeting the credit needs of millions of small businesses in the country," said CEO and co-founder Lendingkart, Harshvardhan Lunia.
"We look forward to leveraging Anicut's rich experience in banking and small business financing in times to come," added Lunia.
Anicut Capital, an asset management firm founded by Ashvin Chadha and IAS Balamurugan, is the investment manager for Grand Anicut Fund a category II AIF. Since its first close on August 2016, Anicut Capital has committed capital of over Rs. 110 crore across six investments.
"Our collaboration with Lendingkart Group is a move to rapidly bridge this gap. We were impressed with the experience founders bring to the table as well as the team they have built to work towards this cause. Their state of the art technology platform and machine learning based credit models are the disruption this segment needs," said co-founder Anicut Capital, Ashvin Chadha.
Lendingkart Group has expanded its operations PAN India, enabling true financial inclusion of SMEs by ensuring seamless availability of working capital financing.
Till date, over 200,000 SMEs have reached out to Lendingkart Group for their credit requirement.
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