Lendingkart facilitated 17,000 SMEs
Credit and Finance for SMEs, Lendingkart finished FY21 with Rs 490 crore in income and approximately Rs 2,500 crores in assets under management (AUM). Since its inception in 2014, the organisation has assisted 1.2 lakh SMEs with a total credit disbursement of around Rs 6,500 crores.
While announcing results for the financial year 2021 on Wednesday, Lendingkart-digitally, a small enterprise lender, said it had disbursed Rs1,198 crores loans to 17 thousand SMEs non-banking financial company.
The non-banking financial organisation reported a 70% increase in operating profit during the fiscal year, rising to Rs 96 crores from Rs 56 crores in the previous fiscal year, with a 4.2% return on assets. Lendingkart finished FY21 with Rs 490 million in income and over Rs 2,500 crores in assets under management (AUM).
Lendingkart was launched in 2014 with the motive to aid financial assistance and has assisted 1.2 lakhs SMEs with overall credit disbursement of Rs 6,500 crores.
Due to the drop in the economy, financial disbursements had been affected in the first half of the fiscal year, whereas MSME applicants have soared up in this time. L. Harshvardhan, the CEO of Lendingkart, said that-
Our tech parent also took advantage of the slowing period to invest in technological capabilities such as advanced stage readiness to enter the account aggregator ecosystem, enhancing the experience for our omnichannel partners via the xlr8 platform, contactless zero-touch loan journey, and cash flow based lending model capabilities to its large scale co-lending partners.”
Due to the Covid pandemic’s impact as the loss was observed from 7.7% to 3.3 % in April. The second wave has also impacted since February. However, credit growth is reinstated to 6.5% in June last year after two months.
Some additional buffers are made available to tackle pandemic-related challenges in future. Banks like State Bank of India, Punjab National Bank, Indian Bank, Punjab National Bank, Bank of India, and other financial institutions such as NABARD, SIDBI and International organisations DFIs like Symbiotics and FMO had raised Rs 1,300 crores in the fiscal year 2021.
