Lendingkart.com, an online working capital finance provider for startups and small and medium enterprises, has raised $10 million from venture capital funds Saama Capital and Mayfield Fund and two ultra-high net worth individuals (Ashvin Chadha and Shailesh Mehta). In eight months of its operation, it has covered 40 cities and 16 states in India and is looking to use the funding to grow its presence.
"Lendingkart has identified the pain area where new small businesses, SMEs and startups are many a times unorganised and have hardly maintained their books of account, thus they do not get loans from conventional channels like bank or NBFCs," said Lunia, CEO at the firm. According to him, third parties like ecommerce companies have data of sales these small businesses/SMEs/startups make on their platforms as well as their credentials. Based on this third party data, Lendingkart provides loans.