Latest news with #HarshvardhanLunia
Economic Times
2 days ago
- Business
- Economic Times
Lendingkart Finance founder Lunia steps down as 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. 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. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 Finance did not respond to ET's request for 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 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.
Time of India
2 days ago
- Business
- Time of India
Lendingkart Finance founder Lunia steps down as MD
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally 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. Live Events 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.
Economic Times
03-06-2025
- Business
- Economic Times
Lendingkart Finance reports losses, breaches bond covenant for 2024-25
Live Events Agencies (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Singapore's Temasek-backed digital lender Lendingkart Finance has reported losses before tax for 2024-25, a development that has triggered a breach of covenant on bonds raised by the company in January 2024, said people with knowledge of the Finance had raised ₹75 crore senior secured two-year bond at 11.25% on January 30, 2024. One of the covenants of the bond is that during the tenure of the bond, the company must post profits before breached this covenant, the fintech sought a waiver from the bondholders last week, said the people. The breach of covenant in this case implies that the bondholders can seek accelerated payments of all their dues or even terminate the credit facility, according to the bond the bondholders are likely to waive the covenant since there has been no default in coupon payment, said people in the know. Secondly, these bonds are also guaranteed by the holding company Lendingkart Technologies Pvt Ltd (LTIL), bond documents investors have the comfort that Fullerton Financial Holding Pte, a wholly-owned subsidiary of Temasek Holdings, has increased its stake in LTIL to 44% from 37% for ₹77 crore. "We remain committed to meeting all our financial obligations in a timely manner," Lendingkart Finance said in response to ET's queries. The unlisted 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 provisions on stressed loans and lower revenue from lending resulted in Lendingkart Finance reporting a net loss of ₹288.3 crore for 2024-25, a sharp reversal from its ₹60 crore net profit in the previous financial year. Its loan book shrank 35% to ₹1,382.3 crore while provisions on bad loans doubled to ₹523.5 crore from ₹256.3 crore during this Finance's tier 1 ratio declined to 22% in September 2024 from 34% in March 2024 after the Reserve Bank of India stated that the first loss default guarantee (FLDG) provided to the co-lending partners has to be deducted from tier 1 capital, according to a rating report by ICRA . The FLDG provided by the company stood at ₹172 crore at the end of September 24, the report said. The investors include Harshvardhan Lunia, a co-founder of Lendingkart Group, Fullerton, Saama Capital, Mayfield India, India Quotient, Bertelsmann India Investments, Sistema Asia Fund and Darrin Capital October 2024, Temasek issued a ₹150 crore standby letter which Lendingkart Finance can draw down to meet any financial commitments. The group has received investment of ₹799 crore from Fullerton since October 2019.
