Ahmedabad- and Bangalore-based fintech company Lendingkart Group has elevated its vice president of finance, Piyush Kabra, as the company’s chief financial officer, filings with the Registrar of Companies show.
Kabra’s appointment came into effect in January this year, the filings state. E-mail queries have been sent to Lendingkart’s chief executive and founder Harshvardhan Lunia seeking confirmation of the promotion. The report will be updated as and when we receive the responses.
A commerce graduate and a chartered accountant by qualification, Kabra joined Lendingkart in July 2015 as vice president of finance. In his earlier professional stints, he worked at Omni Hospitals, Jet Freight Logistics, and Edelweiss Capital among others and has extensive experience in handling the finance and accounting vertical.
Lendingkart, which was founded in 2014 by Lunia and Mukul Sachan, operates two entities—Lendingkart Technologies Pvt Ltd and Lendingkart Finance Pvt Ltd (formerly Aadri Infin Ltd). The former handles technology and digital marketing. It has developed tools based on big data analytics that helps lenders evaluate borrower’s creditworthiness.
Lendingkart Finance, an online non-banking finance company, underwrites loans for small and medium enterprises from its own books. The entity provides entrepreneurs collateral-free working capital loans ranging from Rs 50,000 – Rs 10 lakh.
Lendingkart Technologies has raised more than $40 million in equity financing from Bertelsmann India, Darrin Capital Management, Mayfield India, Saama Capital, India Quotient, and Anicut Capital.
However, the NBFC arm of the company has raised more than Rs 100 crore in debt since the beginning of this year from a clutch of NBFCs and banks, including YES Bank, Kotak Mahindra, Caspian Impact Investments Pvt. Ltd and Capital First. However, a report by Mint states that Lendingkart has raised more than Rs 250 crore in debt so far and was looking to raise another Rs 250 crore, taking the total to Rs 500 crore.
In an interview with VCCircle last month, Lunia said that the company plans to raise an additional Rs 500 crore in debt and will disburse Rs 1,500-1,600 crore worth of loans in 2017-18.
According to Lunia, the company had disbursed roughly 12,000 loan applications to SMEs from across 23 segments that include apparel, clothing and accessories, FMCG, computers, mobile and related accessories, electronic appliances, and industrial supplies sectors.