Lendingkart raises Rs 25 cr from SBI

Online lending firm Lendingkart Finance Ltd has raised Rs 25 crore from SBI to grow its loan books.

"This new influx of funds will be used towards growing the loan book. As the company expands its reach to over 950 cities across the country, these funds will come in handy to widen Lendingkart Finance's offerings to SMEs country-wide," the company said in a statement.

Lendingkart said it has disbursed over 20,000 loans to more than 12,000 SMEs across 23 sectors.

The company is working towards ensuring availability of working capital for SMEs across the country that currently do not have access to credit or are capital deficient, it said.