Lendingkart is one of the leading fintech companies in India that provides working capital loans to small and medium enterprises (SMEs) through its online lending platform. The company was founded in 2014 by Harshvardhan Lunia and Mukul Sachan with a mission to make credit accessible to small businesses in India. The company is headquartered in Ahmedabad and has a team of more than 1000 employees.
Since its inception, Lendingkart has been striving to disrupt the lending industry in India by using technology to make the loan process faster, easier, and more transparent. The company has raised over $200 million in funding from prominent investors, including Temasek, Bertelsmann, and Fullerton Financial Holdings.
Lendingkart offers unsecured business loans to SMEs that do not have collateral or a long credit history. The company uses data analytics and machine learning to assess the creditworthiness of borrowers and provide loans within 72 hours. Lendingkart claims to have disbursed more than 1,00,000 loans to over 89,000 SMEs across 30 industries in India.
On May 15, 2020, Lendingkart laid off 500 employees, which is 50% of its workforce, citing the economic impact of the COVID-19 pandemic as the reason. The layoffs affected employees across various functions, including operations, sales, and digital marketing. The company stated that it had to take this difficult decision to optimize its operations and ensure its long-term sustainability.
Harshvardhan Lunia, co-founder, and CEO of Lendingkart, said, “The current environment is challenging, and we have to adjust our operations to reflect the new economic realities. We have had to make some tough decisions, and we deeply regret the impact this will have on our employees. However, we believe that this step is necessary to ensure the long-term growth of our business and better serve our customers.”
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