“Can a data-driven NBFC, now bank-backed by Fullerton, become India's default working-capital provider for the long tail of MSMEs?”
Founded 2014 as a digital working-capital lender for Indian MSMEs, Lendingkart built its moat on a big-data underwriting engine (1,500+ data points) and an online application that disburses unsecured business loans in three working days. Partnerships with e-commerce marketplaces (Flipkart, Snapdeal) gave it early SME flow. After years of VC backing led by Fullerton Financial Holdings, the company sold a controlling stake to Fullerton in 2024 — effectively pivoting from independent fintech to bank-backed NBFC platform with capital to scale across 4,100+ towns. It has also layered on third-party insurance distribution (IRDAI corporate agent license) and personal/home/car loan products beyond its core MSME working-capital offering.
Lendingkart moves money over UPI.
Lendingkart's lending and capital products are provided by Lendingkart Finance Limited (in-house, RBI-registered NBFC).
The Embedded Finance Index 2026 maps 2 layers in Lendingkart's stack: Money movement (UPI); Lending (Lendingkart Finance Limited (in-house, RBI-registered NBFC), Unsecured Business Loan (up to ₹50,00,000), MSME / SME Loan, Working Capital Loan (₹1,00,000–₹35,00,000) and 5 others).
Lendingkart was founded by Harshvardhan Lunia and is founded in 2014, headquartered in Ahmedabad, Gujarat, India.
Lendingkart has raised $143M+ (pre-Fullerton acquisition) in total (latest round: Acquisition by Fullerton Financial Holdings (controlling stake, 2024); ₹850 Cr raise from Fullerton & investors (Nov 2025)).
Get a read on where your own stack stands against Lendingkart and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.