Lendingkart Raises Rs 25 Cr. In Debt Funding From SBI
Online money lending platform Lendingkart has recently raised Rs 25 crore debt funding from State Bank of India.
In a press release, Lendingkart said that the funding is in the form of cash credit facility which will allow the company to draw the amount over separate tranches as and when required.
This investment also marks the entry of public sector banks in a rush to reach out to more borrowers by backing up startups in the field. Earlier, Lendingkart got backed up by private banks- Yes Bank and Kotak Mahindra.
“We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME (small and medium enterprise) sector,” said Harshvardhan Lunia, co-founder and chief executive officer at Lendingkart.
“SBI, being...