Ahmedabad-based online lending platform Lendingkart Technologies, through its non-banking financial company (NBFC) unit Lendingkart Finance, has entered into a co-lending partnership with Indian debt platform Northern Arc Capital to address the growing working capital needs of micro, small and medium enterprises (MSMEs) in the country.
The two companies will disburse over Rs 150 crore in working capital under the new partnership, a statement from the company said.
The loans disbursed will feature end-to-end technology integration without any manual intervention, from data and information flow, bureau check and document verification and validation to credit decisioning and customer funding, the statement said.
“The partnership with Lendingkart has developed over a long period and is now fully integrated with our digital platform Nimbus, allowing us to deliver credit to a larger customer base. Together, we cover the entire gamut of credit opportunities through a suite of innovative products and structures," Kshama Fernandes, CEO and managing director, Northern Arc Capital, said.
Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, Lendingkart provides instant working capital, financing, lending and small business loans. It competes with Cash Suvidha, StockViz, Gromor and Paststat in the segment.
The company is backed by venture capital firms India Quotient, Saama Capital, Mayfield Fund and venture lender Alteria Capital.
In the past few months, Lendingkart has bolstered its leadership team with senior appointments. It appointed Nagarajan S as its first chief risk officer and Mithun Sundar as the chief executive officer of Lendingkart Finance.
In August last year, Lendingkart raised $30 million (Rs 212 crore then) in a fresh funding round, led by returning investors Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient.