Lendingkart’s burgeoning profitability run continues in FY24: Nets profit of INR 30CR in Q1 FY24; 99% growth YoY

• Lendingkart posted a PAT of INR 30 Cr in Q1 FY24 and INR 120 Cr in FY23
  ●         Reflecting a 43% increase, Lendingkart’s revenue soared to INR 268 Cr
• With 49% YoY growth, the disbursement reached to INR 1213 Cr

Lendingkart Group reported a 99% jump in its net profit to INR 30 crore for the June 2023 quarter as compared to the same quarter last year. Starting the year profitably, the positive streak continues for seven quarters in a row, resulting in a remarkable 49% growth vs Q1 FY23.

The overall AUM of the Ahmedabad-based lender grew 52% to INR 5,515 crore from INR 3,621 crore a year ago. Lendingkart has a total borrower base of over 200,000 valued customers across 14,500+ pin codes (out of 19,000) pan-India.

Harshvardhan Lunia, Founder and CEO of Lendingkart Group said, “For Lendingkart, the first quarter of FY24 has been a resounding success, showcasing an unwavering commitment to growth and financial empowerment of small businesses across the country. We are also proud of playing a role that helps our partner banks and NBFCs expand their footprint across India. This shared growth drives our outstanding numbers that continue to prove Lendingkart’s position in the financial industry. We will continue to focus on simplifying finance for small businesses and driving economic growth with our innovative solutions.”

Of the total disbursal, INR 963 crores were disbursed through 20+ co-lending partners (banks and NBFCs) powered by Lendingkart tech platform “Lendingkart 2gthr”, witnessing 34% year-on-year growth. For Lendingkart, FY24 looks to be all about strengthening its position as an MSME specialist built on its experience and tech capabilities to create even more customer-centric products and in turn, elevate the entire ecosystem

About Lendingkart Group:

Founded in 2014 by Harshvardhan Lunia, Lendingkart has offices in Ahmedabad, Bengaluru, Mumbai, and Gurugram, and has service reach across India. The group is financed by reputed international investors like Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around ₹ 1100 Crores of equity till date.

Lendingkart Group is a fintech startup in the working capital space. The Company has developed technology tools based on big data analysis and machine learning algorithms which facilitate lenders to evaluate borrower’s creditworthiness and provide other related services.

Lendingkart Group is on a mission to make credit available to MSMEs pan-India using technology and alternate data-first approaches. The company has built a proprietary platform to solve the basic building blocks of MSME financing like distribution, origination, underwriting, engagement, and collections, and by democratising access to this platform by providing open access to APIs across the funnel.

Since its inception, Lendingkart Group has evaluated millions of applications, disbursing over 2,50,000 loans of over 15,000 crores in more than 4000+ cities and towns across all states and union territories of India, reaching over 14,500 pin codes and making it an NBFC having the largest geographical footprint in the country. To date, Lendingkart has disbursed over 1.7 billion USD worth of loans.