New Delhi: Lendingkart’s NBFC arm has secured $15 million in debt financing from FMO, a Dutch entrepreneurial development bank, according to a press release issued on Tuesday.
The funds will be used to help Lendingkart extend its digital platform’s scope to over 100 sub-industries across India, according to the company.
Lendingkart Finance Ltd, Lendingkart’s NBFC arm, which has helped disburse over one lakh loans to more than 90,000 MSMEs across 29 states, has actively fueled the struggling MSME market, which took massive hits last year as a result of the COVID-19 crisis. The startup disbursed 53,000 loans in FY20 alone, up 83 percent from the previous year.
“The funding reflects the international community’s continued support for India’s thriving MSME sector and its vital position in helping India achieve its goal of becoming a $5 trillion economy,” Lendingkart’s co-founder and MD, Harshvardhan Lunia, said in a press release.