Credit and Finance for MSMEs: Small enterprise lender Lendingkart, which offers working capital loans and enterprise loans, has reported a 20.2 per cent enhance in standalone income and a 65 per cent jump in standalone losses for the monetary year 2019-20. While revenues had elevated from Rs 9.1 crore in FY19 to Rs 10.95 crore in FY20, the losses widened from Rs 31 crore to Rs 51.2 crore in the course of the stated period, according to the regulatory filings. Expenses as well elevated 55 per cent from Rs 40.1 crore in FY19 to Rs 62.1 crore in FY20. However, its consolidated revenues elevated from Rs 222 crore to Rs 470 crore although losses jumped from Rs 3.9 crore to Rs 21.6 crore in between FY19 and FY20. The company’s subsidiaries incorporated Lendingkart Finance and Lendingkart Account Aggregator.
The big expenditures for Lendingkart in FY20 had been Rs 15.21 crore towards marketing and promotion, Rs 14.76 crore for depreciation, depletion, and amortisation, Rs 19.82 crore towards employee advantages, and so on. “Lendingkart Group remains focused on profitable operations, seeking to conserve cash, borrowing long-term, strengthening collections, rationalizing expenditure, and preserving capital,” the filing study.
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Lendingkart Technologies had in November 2020 had launched its co-lending SaaS service Lendingkart 2gthr to allow its monetary institution partners which includes banks and NBCFs get on-board its platform inside two weeks and disburse unsecured loans to MSMEs. It had partnered with banks and NBFCs in a danger-sharing partnership to assist them attain out and lend to MSMEs situated remotely. “MSMEs will digitally fill up the loan application, post which LendingKart’s proprietary Credit Scoring Engine and the best-fit algorithm will match the MSME borrower with the right lender on the LendingKart 2gthr platform,” Harshvardhan Lunia, Co-Founder & MD, Lendingkart Technologies had told TheSpuzz Online.
The corporation had elevated its disbursement in FY20 by about 85 per cent to about 53,000 loans involving Rs 2,500 crore from FY19. Its Assets Under Management (AUM) for the year had been about Rs 2,400 crores up 80 per cent from the preceding monetary year. Backed by Fullerton Financial Holding, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and other individuals, Lendingkart enables lending in between Rs 50,000 and Rs 1 crore for a period of a single to 36 months.