Mahindra & Mahindra Financial Services Limited, (MMFSL), a Non Banking Financial Corporation (NBFC), on Monday announced collaboration with Lendingkart,a fintech company. This co-lending partnership is set to provide business loans for the Small & Medium Enterprise (SME) sector and will boost Mahindra Finance’s product diversification strategy, while fostering financial inclusion for small and medium enterprises, said the company in a press statement issued on Monday.This pan India collaboration marks the foray of Mahindra Finance, which is part of the Mahindra and Mahindra Group, into the co-lending space exclusively for the SME sector under an 80:20 structure, where Lendingkart will leverage its tech platform Lendingkart 2gthr, it said. Lendingkart 2gthr, the company’s flagship E2E platform will power the entire customer journey from origination to underwriting, disbursals, and collections.
Raul Rebello, MD&CEO – Designate, Mahindra Finance, said, “The SME sector is one of the fastest growing sectors, with a need for timely access to credit. Through this co-lending initiative, our collective objective is to transform credit decisioning, boost assesibility and create financial agility in the SME space. Together with Lendingkart, we aim to provide comprehensive and competitive financial solutions to the SME sector in our journey to be a responsible financial solution partner to emerging India”.
Harshvardhan Lunia, Founder & CEO, Lendingkart Group, mentioned, “MSMEs are the backbone of the Indian economy, there’s no doubt about that. Over the last few years, Lendingkart has consistently pushed the envelope in digital lending and empowered MSMEs pan-India. We are proud of partnering with thousands of business owners every single day by making access to credit fast, transparent, and unbiased. This co-lending partnership with Mahindra Finance is a testament to our focus on fostering collaboration in the Indian financial ecosystem to better serve the underserved MSMEs and serve the national mission of financial inclusion. Together with Mahindra Finance, we will leverage our knowledge and expertise to simplify finance for an emerging India.”The company added: “Through this initiative, SME businesses will be able to capitalize on Mahindra Finance’s hyperlocal schemes and Lendingkart’s expertise as an MSME finance specialist thus creating a synergy that will positively impact SMEs seeking timely financial support. Recognizing the dynamic nature of the financial landscape, the collaboration is envisioned as a long-term commitment, with the initial agreement spanning across three years.”
