Companies

Lendingkart appoints Mithun Sundar as the CEO for its NBFC arm, Lendingkart Finance Limited

Sangeetha Chengappa Bengaluru | Updated on October 11, 2019 Published on October 11, 2019

Mithun Sundar, CEO, Lendingkart Finance Limited

To strengthen its top deck with 7-8 more hires in the next two years, to support growth

Fintech start-up Lendingkart Technologies Private Limited has appointed Mithun Sundar as the new CEO for Lendingkart Finance Limited, the non-deposit taking NBFC arm of Lendingkart group.

Sundar will join Lendingkart from Myntra.com where he held the position of Chief Marketing and Revenue Officer focussed on co-developing and implementing tech driven personalisation algorithms for driving growth operations, launching experiments and delivering incremental revenue.

Prior to that, Mithun has worked with PepsiCo and Mckinsey & Company and Hindustan Unilever.

“When we raised our last round of Series C funding, the Board decided that we need to professionalise our management by bringing in experienced external executives, in order to take the company to the next level of growth. Lendingkart Finance has grown 30X on a smaller base in the last five years. With Sundar on board, we hope to achieve 10X growth in the next five years” Harshavardhan Lunia, co-founder and CEO, Lendingkart told BusinessLine.

Stating that Sundar is the first in a series of top management hires that the company plans to announce in the next two years, Lunia said, “currently we have 15-17 top management executives who are Vice-Presidents and above. We plan to strengthen the top management deck with 7-8 more executives in the next two years across all functions including Tech Products and Analytics as the business continues to grow.”

Commenting on his appointment with Lendingkart Finance, Mithun Sundar, CEO, Lendingkart Finance Limited said, “Today, the digital lending industry is growing at an exponential pace empowering Indian MSMEs and entrepreneurs by providing them access to effective working capital. The industry is at an inflection point and Lendingkart is well positioned to maximise its impact in this growing space. Having worked with leading international and home-grown companies at varied growth phases, I look forward to leveraging my experience to help deliver Lendingkart’s vision of being one of India’s most innovative fintech companies providing the most flexible financial solutions to each and every entrepreneur in the country.”

Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) has evaluated nearly half a million applications, disbursing 76,000 plus loans to more than 64,000 MSMEs in 1,300 plus cities across all 29 States and Union Territories, making it the NBFC with the largest geographical footprint in the country.

Founded in 2014, Lendingkart has offices in Ahmedabad, Bangalore, Mumbai, Delhi NCR and Kolkata but has a service reach across India.

The Lendingkart group is financed by reputed international investors such as Fullerton Financial Holding (FFH) (100 per cent subsidiary of Singapore Sovereign Fund Temasek Holdings), Saama Capital, Mayfield India, Bertelsmann, Darrin Capital Management, Sistema Asia, India Quotient and others and has raised around ₹983 crore of equity till date.

Published on October 11, 2019
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