Ahmedabad-based digital lending startup Lendingkart posted operating revenue of ₹86.53 crore in FY18, nearly trebling from ₹30.36 crore in FY17, according to documents filed with the Registrar of Companies (RoC).
The major contributing factor to the rising revenues was the interest income on loans, amounting to ₹70.7 crore this fiscal, jumping from ₹26.1 crore in FY17.
The other part of the operating revenues is attributed to the loan securitisation, processing fees, and other charges.
While the fintech startup saw a growth in revenues, it came at the cost of widening loss. Net loss for Lendingkart expanded to ₹52.26 crore in FY18, from ₹39.80 crore in the previous fiscal.
The ballooning up of losses is attributed to the jump in finance costs and loan write-offs. Finance costs, that included interest paid on loans taken on from banks and other entities, trebled to ₹36.6 crore this fiscal, while, loan write-off rose four-fold to ₹23.13 crore in FY18, from ₹5.23 crore in FY17.
Riding on higher finance costs and rising loan write-offs, total expenses for the startup grew to ₹144.15 crore in FY18, from ₹75.47 in FY17.
Lendingkart was founded by an ex-banker Harshvardhan Lunia, along with former ISRO scientist Mukul Sachan in 2014. It provides a digital lending platform that offers loans for SMEs in India to grow their business.
It uses technology and analytics tools, to access the creditworthiness of small businesses quickly and accurately by analyzing thousands of data points across various data sources.
In August 2018, Lendingkart raised ₹300 crores in debt funding.