Lendingkart Finance on Tuesday said it has raised ₹30 crore in non-convertible debentures (NCDs) from NV (FMO), a Dutch development bank that invests in growth and frontier markets.
This new influx of debt funds will be used to grow the loan book and expand the reach of Lendingkart Finance across SMEs, Lendingkart said in a statement.
“With a committed portfolio of €9.8 billion, FMO is one of the larger bilateral private sector development banks globally... ,” Lendingkart Technologies CEO and co-founder Harshvardhan Lunia said.
Lendingkart Finance uses technology tools based on big data analytics and machine learning algorithms to evaluate its client’s credit worthiness.