Lendingkart Finance founder Lunia steps down as MD
Harshvardhan Lunia resigned as Lendingkart Finance MD in June. The company awaits RBI approval for a new MD recommended by Fullerton Financial Holdings. Lendingkart reported a significant loss of ₹288 crore in FY25, a stark contrast to the previous year's profit. Fullerton holds a 44% stake in Lendingkart Technologies.
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Mumbai: Founder promoter Harshvardhan Lunia stepped down as the managing director of Lendingkart Finance effective end June and the Temasek-backed fintech is yet to appoint a new MD. Fullerton Financial Holdings , the largest shareholder of Lendingkart, has recommended the name of a new MD that is being vetted by the Reserve Bank of India, people aware of the development said.The company reported ₹288 crore losses in FY25 against net profit of ₹60 crore a year ago. Raichand Lunia, the founder's father, continues to be on the board of the firm as an independent director. T V Rao, who is an independent director, is also chairman of the board.Lendingkart Finance did not respond to ET's request for comment.As of October 31, 2024, Fullerton held 44% stake in Lendingkart Technologies (LTPL), the parent company of unlisted Lendingkart. The group has received investment of ₹799 crore from Fullerton since October 2019. In October 2024, Temasek issued a ₹50 crore standby letter that Lendingkart Finance can draw down to meet any financial commitments.The fintech, which specialises in giving unsecured loans to small and medium companies , reported losses before tax of ₹396 crore against a net profit of ₹80 crore a year ago.
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