India based online lending platform Lendingkart has raised $7.8m in debt financing from Yes Bank. Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, Lendingkart provides collateral-free working capital loans to entrepreneurs. It has developed technology tools based on Big Data analytics that help lenders evaluate borrowers’ creditworthiness.
The funds were raised by Lendingkart Finance Ltd, the company’s non-banking financial company (NBFC) arm. Lendingkart finances the loans from its own books as opposed to most players in the space that connect borrowers and lenders. Lendingkart Finance has disbursed more than 11,000 loans to over 7,500 SMEs so far, the statement added. The new round of debt financing comes barely two months after the fin-tech startup raised Rs 30 crore ($4.6 million then) from Anicut Capital LLP.