Lendingkart Inks Startegic Alliance With Chola to Lend Business Loans to SMEs and MSMEs
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Chennai: Lendingkart, a pioneer in financial services and a leading fintech company, today announced its co-lending partnership with Cholamandalam Investment and Finance company Ltd (Chola) to disburse business loans to SMEs. The partnership will be a100% digital process for customers. Here the working capital loans will be disbursed to small and medium businesses.
With this partnership, Lendingkart aims to expand their reach to tier2/tier 3 cities to bridge the financial gaps that exist in these cities. Lendingkart’s platform will take care of origination processes with their tech platform “Xlr8” and “2gthr” using “zero touch” features. The partnership adds to Chola’s reach and allow customers easier access to the company’s range of unsecured business loans.
Commenting on the partnership, Mr. Harshvardhan Lunia, CEO & Founder, Lendingkart said, “We are putting our efforts together to reach out to each market in India and assist entrepreneurs who are determined to create something of their own. In our journey of promoting financial inclusion in the country, these meaningful partnerships, like the one with Chola, will become our backbone and assist us with required liquidity support, while Lendingkart will leverage its network and technology to further expand the services to small businesses in India”.
“We are excited to extend our business loan offerings to SMEs and MSMEs through Lendingkart’s digital platform. We are happy to be partnering with a brand that has been successful in inculcating a culture of innovation and excellence in a very short span of 8 years. Building quality relationships has always been the foundation of Chola’s philosophy. Such partnerships go a long way in helping us towards making our products and services available to our potential customers. This collaboration with Lendingkart will facilitate convenience to those SMEs and MSMEs who are seeking business loans, making the overall process faster and seamless,” adds Mr. Ravindra Kumar Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited.
About Lendingkart
Founded in 2014 by Harshvardhan Lunia, Lendingkart has offices in Ahmedabad, Bengaluru, Mumbai, Gurugram, and has service reach across India. The group is financed by reputed international investors like Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around ? 1050 Crores of equity till date.
Lendingkart Group is a fintech startup in the working capital space. The Company has developed technology tools based on big data analysis and machine learning algorithms which facilitate lenders to evaluate borrower's creditworthiness and provide other related services.
Lendingkart Group is on a mission to make credit available to MSMEs pan-India using technology and alternate data-first approaches. The company has built a proprietary platform to solve for the basic building blocks of MSME financing like distribution, origination, underwriting, engagement, and collections, and by democratizing access to this platform by providing open access to APIs across the funnel.
Since its inception, Lendingkart Group has evaluated nearly half a million applications, disbursing over 1,40,000 loans to more than 200K MSMEs in 4000+ cities and towns across all states and union territories of India, making it an NBFC having the largest geographical footprint in the country. To date, Lendingkart has disbursed 1.5 billion USD worth of loans.
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