NEW DELHI, Mar 29: Sistema Business Scalerator today said it has tied up with Lendingkart Finance to help the non-banking finance company scale up its business.
“Sistema Business Scalerator (SBS) team focuses on helping startups scale up their business with an experienced team. We have partnered Lendingkart Finance to lend our expertise and scale up its business in quick and efficient manner, ” SBS Executive Director Suresh S Kumar said.
SBS, which is working with some more startups, gets some equity in return of such partnerships. Kumar however did not disclose the stake that SBS will get in Lendingkart Finance.
Sistema will source business for Lendingkart through their contact points and facilitate the loan disbursal process, helping the company expand business in tier 2 and 3 towns, Kumar said.
Lendingkart Technologies, the parent firm of Lendingkart Finance, is an online platform that makes working capital finance available to SMEs.
“SBS will help the prospective customers to apply for loan through Lendingkart Technologies. They will assist the prospective customers to fulfil the documentation formalities and submit them to Lendingkart Finance for further process,” Kumar said.
SBS will deploy its team in Tamil Nadu, Kerala, Karnataka, Telangana, Andhra Pradesh and Puducherry to help Lendingkart Finance source business and scale its operations in these states.
Sistema’s venture capital fund, Sistema Asia Fund, is an investor in Lendingkart Technologies’ Series C round of investment.
“Through this association, we will be able to help many more SMEs in regions where access to finance is still a challenge,” Lendingkart Technologies CEO and co-founder Harshvardhan Lunia said.
Since its inception, Lendingkart Finance has evaluated more than 1,00,000 applications, disbursed over 20,000 loans in more than 960 cities, helping more than 13,000 SMEs across 23 diverse sectors.
The startup uses in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness like financial health, comparative market performance, social reliability & compliance. (PTI)
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