Lendingkart grows FY19 revenues three-fold; profits at Rs 3 crore
Lendingkart Technologies, which runs an eponymous digital lending platform, reported a 172% growth in its revenues for financial year 2018-2019, according to a regulatory filing.
Revenues stood at about Rs 250 crore versus Rs 91.9 crore the previous year.
The Ahmedabad-based company said it made profits of Rs 3.2 crore or Rs 152.4 per share in the financial year ended March 2019. This is a significant improvement from its FY2018 loss of Rs 52.3 crore, or Rs 10,439.5 per share.
“During the current year, the group has adjusted share issue expenses, including loss on hedging of share capital inflow aggregating to Rs 32,51,99,380 against securities premium account, which was hitherto charged to statement of profit and loss. Had the group followed the accounting policy applicable in previous year, the profit would have been lower by Rs 32,51,99,380,” the company said in the filing.
From 2015 to the date of its last disclosed funding round in August this year, Lendingkart has raised over $163 million, according to VCCEdge data.
There have been several senior-level management changes at the startup, post FY19.
In September, co-founder and chief operating officer Mukul Sachan quit the company, though he remains an active mentor and consultant to the group. In late August, the company appointed Sudeep Bhatia as group chief financial officer, Bratindra Sanyal as senior vice president of the human resource (HR) division and Deepesh Goel as the vice president of new initiatives and strategy. In October, it appointed Nagarajan S as its first chief risk officer.