Lendingkart on Friday said that Singapore-based Temasek's investment arm, Fullerton Financial Holdings (FFH), has committed to injecting up to Rs 252 crore into the fintech firm, as per media reports. This move is expected to give FFH a controlling stake in Lendingkart, pending regulatory approvals.
Previously, FFH held a 38.16 per cent stake in Lendingkart. However, according to media reports, the company has not disclosed the exact valuation of the latest funding round, sparking speculation of a possible significant decline.
Media reports suggest that the capital infusion will allow Lendingkart to expand its services in underserved markets and bolster its technological capabilities. The company's founder and managing director, Harshvardhan Lunia, reportedly emphasised that the fresh investment underscores investor confidence in Lendingkart's ability to reshape the lending space for MSMEs in India.
FFH’s CEO, Hong Ping Yeo, conveyed that the investment reflects their belief in India’s MSME sector, according to media reports, and the potential for scalable ventures to deliver considerable value to small businesses.
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