Lendingkart's income doubles to Rs 465cr; disburses funds worth Rs 2,500cr in FY20

Fintech company Lendingkart on Thursday said it has disbursed funds worth over Rs 2,500 crore to micro and small enterprises, and its gross income increased by 113 per cent to Rs 465 crore in FY20 over the previous fiscal.

Fintech company Lendingkart on Thursday said it has disbursed funds worth over Rs 2,500 crore to micro and small enterprises, and its gross income increased by 113 per cent to Rs 465 crore in FY20 over the previous fiscal. Lendingkart Finance Ltd (Lendingkart group's NBFC arm) disbursed about 53,000 loans in FY20, about 85 per cent increase over the last year, it said in a statement.

Its assets under management (AUM) as of FY20 stand at about Rs 2,400 crore, a growth of 80 per cent year-on-year, it added. "These loans have been disbursed to micro and small businesses across more than 1,300 locations, with cumulative disbursals totalling Rs 5,500 crore since inception, thus supporting more than 90,000 businesses," it said.

Lendingkart's gross income in FY20 increased by 113 per cent to Rs 465 crore compared to Rs 218 crore in FY19, the statement said. Lendingkart Group's investors include Fullerton Financial Holdings (FFH), Saama Capital, Mayfield India, India Quotient, Bertelsmann India Investments, and Sistema Asia Fund and it has raised around Rs 1,050 crore in equity funding till date.

The group has witnessed an equity infusion of Rs 319 crore between August 2019 and May 2020. "Our goal is to address the working capital fund gap prevalent in India's high potential micro and small enterprises, to promote financial inclusion and accessibility through our digital channels...we are poised to achieve manifold growth in loan book in the next five years, service additional business clusters and increase the total share of lending to MSMEs," Harshvardhan Lunia, Managing Director and co-founder of Lendingkart, said.