Lendingkart has raised Rs25 crore in debt from State Bank of India (SBI), a first for the country’s largest public sector lender vis-a-vis a digital lending start-up.
In a statement, Lendingkart said the Rs25 crore loan is in the form of cash credit facility which essentially allows the company to draw the amount over separate tranches as and when it needs it.
SBI’s investment captures the push by banks across India—not only those in the private sector but also those in the public sector—to reach more borrowers by backing technology-enabled lending companies.
This year, Lendingkart got two private sector banks—Kotak Mahindra Bank Ltd and Yes Bank Ltd—on board as lenders.
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