New Delhi: Lendingkart, a fintech company, has announced a nearly 6% decrease in its profit after tax (PAT) for FY24, totaling Rs 174.92 crore, down from Rs 185.93 crore in FY23.
According to its consolidated financial statements, employee benefit expenses rose significantly by 75.7% to Rs 199 crore, while finance costs also increased by 16.8%, reaching Rs 293.53 crore for the previous fiscal year.
On a positive note, the company saw a 36% increase in its revenue from operations, climbing to Rs 1,090 crore in FY24 from Rs 798 crore in FY23. This translates to a spending of Re 0.94 to generate a rupee in FY24.
Lendingkart, headquartered in Ahmedabad, reported a total expense rise of 49.4%, reaching Rs 1,022.7 crore, up from Rs 684.4 crore in FY23.
In a significant development, Lendingkart recently revealed that Fullerton Financial Holdings (FFH), an existing investor, is acquiring a controlling stake in the company. FFH, part of Singapore-based investment firm Temasek, has committed an additional Rs 252 crore.
As of March 2024, FFH held approximately 38.16% of Lendingkart Technologies Private Limited (LTPL). Hong Ping Yeo, CEO of FFH, stated that their ongoing investments reflect confidence in the micro, small, and medium enterprises (MSME) sector in India, emphasizing that well-governed, scalable businesses can greatly benefit small enterprises.
Lendingkart indicated that this capital infusion will help it extend its services to underserved markets and improve its technology, advancing its goal of enhancing financial inclusion for small businesses across India.
The group has received backing from notable international investors, including FFH, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient, having raised around Rs 1,050 crore in equity so far. Recently, it also secured Rs 200 crore in debt funding from EvolutionX Debt Capital.