Lendingkart reported a 97.2% decline in its consolidated net profit to INR 3.25 Cr in the financial year 2023-24 (FY24) from INR 118.8 Cr a year ago
Operating revenue surged 36.6% to INR 1,090.6 Cr during the year under review from INR 798.4 Cr in the previous year
Founded in 2014, Lendingkart provides loans to MSMEs and primarily earns revenue from interest on deposits with banks and its financial offerings
Fintech soonicorn Lendingkart reported a 97.2% decline in its consolidated net profit to INR 3.25 Cr in the financial year 2023-24 (FY24) from INR 118.8 Cr a year ago.
It is pertinent to note that Lendingkart first achieved profitability in FY23.
While Lendingkart saw a degrowth in its bottomline, its operating revenue surged 36.6% to INR 1,090.6 Cr during the year under review from INR 798.4 Cr in the previous year.
Founded in 2014 by Harshvardhan Lunia, Lendingkart has an NBFC licence, and it disburses loans to micro, small and medium enterprises (MSMEs). The startup primarily earns revenue from two sources – income from interest and its financial services offerings.
Including other income of INR 127.2 Cr, total revenue rose sharply to INR 1,217.9 Cr in the year ended March 31, 2024 as compared to INR 858 Cr in the previous fiscal.
Other income consisted of interest on deposits with banks, commission earned from insurance as well income generated from advertising and marketing activities.Â
(The story will be updated soon)
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