The funding extends Lendingkart’s three-year relationship with FMO Credit: rupixen.com on Unsplash

Lendingkart, a non-banking financial company (NBFC) that offers loans to SMEs in India, has secured $15m investment from FMO.

The funding extends the NBFC’s three-year relationship with FMO – a Dutch entrepreneurial development bank, having received financing through NCDs (non-convertible debentures).

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Lendingkart plans to use the fresh infusion to expand its reach of financial products to MSMEs through its digital platform.

The firm was established in 2014 by Harshvardhan Lunia and Mukul Sachan. It is said to have disbursed over 1,00,000 loans to more than 91,000 MSMEs in more than 1,300 cities across India.

Lunia told Financial Express Online: “With the new funding, Lendingkart has targeted to reach out to over 5,000 new MSMEs with a focus on women entrepreneurs and small businesses.

“The new normal is about sustainability and stable business for which Lendingkart has raised this debt to empower MSMEs realise their plans and achieve the Bharat financial inclusion goal.”

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Last May, Lendingkart Technologies raised INR3.19bn ($42.1m) in a Series D equity funding round for further expansion of its business.

The funding round was led by the company’s existing investors Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund, and IndiaQuotient.

In November 2020, Lendingkart launched a co-lending software-as-a-service (SaaS) platform for banks and NBFCs.

Called Lendingkart 2ghtr, the platform has been launched after the Reserve Bank of India (RBI) revised its guidelines on lending.