Lendingkart is a non-banking finance company offering business loans to SMEs. It announced a 36.6 percent increase in operational revenue to Rs 1,090.6 crore in FY24. The startup provides an online lending platform for working capital, business, and SME loans for women, and more. The application offers its loaning solutions to businesses and individuals. These lending services are the company’s primary source of revenue. The startup provides loans with an average ticket size of Rs 5 to 6 lakh to MSMEs.
Entrackr mentioned in its report that the company also earns its income from financial services, and interest on loans. The company reported a 34 times increase in its commission income to Rs 22.58 crore while Rs 69.15 crore came from operating activities in FY24. The co-lending services account for 54 percent of the total operating income and increased by 88 percent to Rs 591 crore in this financial year. The online platform records the detailed history of transactions.
The startup data intelligence platform, thekredible mentioned that the company has raised over 452 million USD across multiple funding rounds since its inception, including 12 million USD raised during the conventional debt funding round led by Stride Ventures. The platform allows users to access various loaning services through its online application. The employee benefits increased by 75.70 percent and stood at Rs 199 crore FY24. However, the finance cost saw a 16.82 percent increase to Rs 293.53 crore while the legal charges saw a 58.25 percent increase and stood at Rs 125.62 crore in the same fiscal year.
The total expenditure of the firm increased by 49.4 percent to Rs 1022.7 crore in FY24. The startup reported a 5.9 percent decrease in its profits. Lendingkart posted a profit of Rs 174.92 crore for this financial year. The fintech startup offers a secure and seamless user experience during its lending processes. The company intends to minimize its losses by reducing operating expenses and employee benefits.
The fintech firm is focused on improving its business model while offering more innovative financing solutions, positioning it well in the fintech market. The EBITDA margin also improved and stood at 44.39 percent in this financial year while the ROCE was around 23.33 percent in the same duration. The company faces competition with other loan offering platforms such as NeoGrowth, and FlexiLoans.
Conclusion ;
Lendingkart announced a 36.6 percent increase in its operational revenue to Rs 1,090.6 crore in FY24. This fintech startup provides an online lending platform offering financial services for businesses and individual loans. This online platform provides working capital, and business or SME loans for small businesses.
These lending services and income interest are the company’s primary sources of revenue. The startup reported a profit of Rs 174.92 crore in this fiscal year. The total expenditure of the firm increased by 49.4 percent and crossed Rs 1022.7 crore in the same duration. Lendingkart competes with other online lending platforms such as NeoGrowth.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
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