Temasek arm to invest Rs 252 cr in Lendingkart to get controlling stake

Mumbai: Lendingkart on Friday said existing investor Singapore-based Temasek has committed to investing up to Rs 252 crore in the fintech to take a controlling stake.

Earlier, Temasek arm Fullerton Financial Holdings (FFH) had 38.16 per cent stake in the company but the investment amount is not known.

A company statement announcing the fundraise was, however, silent on the reports of a huge decline in valuation in the latest round of funding.

FFH is committing up to Rs 252 crore more and will have a controlling stake, subject to regulatory nods, the statement said.

The capital infusion from FFH will enable the company deepen its reach in underserved markets and enhance technology.

The company's founder and managing director, Harshvardhan Lunia said the fresh investment is a "vote of confidence" in Lendingkart's ability to transform the MSMEs' (micro, small and medium enterprises) lending landscape and vowed to replicate the investor's past successes in India.

FFH's chief executive Hong Ping Yeo said: "Our investments in Lendingkart are a testament to our continued belief in the MSME opportunity in India and that well governed, scalable franchises can bring significant value to small businesses."