Lendingkart Finance Ltd, the non-banking finance arm of fintech company Lendingkart Group, announced recently to have disbursed over 25,000 loans across 26 diverse sectors and more than over 100 sub-industries.
Leveraging its robust technology platform, the leading Non-Banking Financial Companies (NBFCs) in the MSME financing space, in recent times has expanded to 1,000 cities in India.
Over 6.5 lakh MSMEs across the country have reached out to them for their credit requirements, an official said.
“Over the last couple of years, Lendingkart Group has been able to build a robust technology stack with strong data analytics skills that has allowed us to effectively appraise thousands of borrowers and give them access to finance. We understand the needs and pain-points of the MSME segment and are continually innovating and evolving to offer better credit access solutions,” said Harshvardhan Lunia, CEO and co-founder, Lendingkart Technologies.
Mooted with the idea to provide easy and economical source of funding to country’s MSMEs and bring them towards absolute financial inclusion, the digital lending start-up offering loans of Rs 4-5 lakhs to average ticket size of small and medium businesses, till date has evaluated over 1.5 lakh loan requests, assessing more than 5,000 variables per request. The parameters being analysed to assess the creditworthiness by the leading Fintech player include not just financial health but comparative market performance and social reliability quotient of borrowers.
Micro, Small and Medium Enterprises (MSMEs) are one of the strongest drivers of economic development and employment in India.
Access to finance is often identified as a critical barrier to the growth of Indian MSMEs, termed the engine of growth” for India, as it contributes about 45% to the manufacturing sector, and 40% to country’s exports shipments.