Lendingkart to introduce MSME-focused cards

Ahmedabad, Mar 4 (KNN) Lendingkart, a digital lending platform for MSME has plans to foray into the MSME-focused cards segment which hasn’t been introduced n India yet. 

The digital lender is positioned to record a revenue of around Rs 825-850 crore in FY23 on the back of a growing loan book, reported FE.

Co-founder and CEO, Harshvardhan Lunia told FE that the company aims to close the current financial year with a profit after tax (PAT) of about Rs 130-140 crore.

In FY22, the Ahmedabad-based startup registered a growth of 24 per cent year-on-year (y-o-y) to reach Rs 616 crore. 

While incurring a loss of Rs 203 crore during the same period. 

Lunia said his company adjusted all the Covid-related damage in FY22 which resulted in losses mounting 7x from Rs 28.4 crore in FY21.

“We plan to continue keep this momentum going and will invest money to grow our digital capabilities. MSME-focused cards is one segment we’re trying to enter, a B2B play, because that hasn’t happened in India yet. Once we have that under us, we’ll get access to the nature and quality of transactions which will help understand consumers better and enter newer businesses accordingly,” Lunia said.  (KNN Bureau)