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Economic Times
08-07-2025
- 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
08-07-2025
- 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.
