Fullerton Financial Holdings (FFH), a wholly owned subsidiary of Singapore-headquartered investment company, Temasek, has acquired a controlling stake in Lendingkart, a fintech firm in the micro, small, and medium enterprises (MSME) lending space for ₹252 crore.
The capital infusion from FFH will be used to expand its reach in underserved markets and enhance its technology.
Reportedly, FFH held around 38.16% of Lendingkart Technologies Private Limited (LTPL), which owns 100% of Lendingkart Finance Limited (LFL).
The group is financed by investors like Fullerton Financial Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around ₹1,050 crores of equity to date.
Hong Ping Yeo, CEO of FFH, said, “FFH’s mission since inception is to be the catalyst in enriching lives and enabling success of customers and communities served by our portfolio companies across Asia. Our investments in Lendingkart are a testament to our continued belief in the MSME opportunity in India and that well-governed, scalable franchises can bring significant value to small businesses.”
Said Harshvardhan Lunia, Founder & Managing Director of Lendingkart said, “We are excited to further deepen our partnership with Fullerton Financial Holdings (FFH) in what will truly be a transformative phase of our journey. This investment represents a vote of confidence in Lendingkart’s ability to transform the MSME lending landscape. Our goal is to replicate FFH’s past successes in the Indian financial market. With FFH’s backing, we aim to bring more small businesses into the formal lending ecosystem and stay true to our mission: Simplifying MSME Finance.”
Founded in 2014 by Harshvardhan Lunia, Lendingkart is an Ahmedabad-based fintech that leverages technology to simplify finance for small businesses. Lendingkart is co-lending with prominent banks and NBFCs in India to provide access to finance to more small businesses.
Lendingkart has offices in Ahmedabad, Bengaluru, Mumbai, and Gurugram, and has service reach across India.
Since its inception, Lendingkart Group has evaluated millions of applications, disbursing over 3,00,000 loans worth over ₹20,000 crores in India.
