Lendingkart raises money from Dutch Development Bank

Lendingkart has raised Rs 30 crore in non-convertible debentures (NCDs) from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), a Dutch development bank that invests in growth and frontier markets.

"With a committed portfolio of 9.8 billion euros, FMO is one of the larger bilateral private sector development banks globally... This being our first foreign debt raise will open avenues for Lendingkart Finance's future foreign debt funding as well," Lendingkart Technologies CEO and co-founder Harshvardhan Lunia said.

According to Lunia, the debt funds will be used towards growing the loan book and expanding the reach of Lendingkart Finance across SME industries.

As of today, Lendingkart Finance has disbursed over 20,000 loans to more than 13,000 SMEs across 23 sectors. Lendingkart Finance uses technology tools based on big data analytics and machine learning algorithms to evaluate its client's creditworthiness.

About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability, and compliance. Once the evaluation process is completed, the loan amount is disbursed to the eligible borrower within 72 hours from the time of application.