Lendingkart posts Rs 118 Cr profit after tax in FY23


Lendingkart, the MSME-focused digital lending platform, found itself in profitable territory in the fiscal year ending March 2023. With this, the firm marked its first-ever profits of Rs 118 crore on total revenues of Rs 850 crore.

Lendingkart’s revenue from operations grew by 29.5% to Rs 798 crore in FY23 from Rs 616 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show.

Financials FY23

FY22 FY23









Amount in ₹ Cr

Founded by Harshvardhan Lunia and Mukul Sachan, Lendingkart disburses loans with an average ticket size of up to Rs 6 lakh to MSME business owners. Interest received against the loans offered formed 51% of its operating revenue while the rest came from platform fees and gains on the assignment of loans.

See TheKredible for the detailed revenue breakup.

Similar to other lending firms, the finance cost aka interest expense, which accounted for 33% of the total expenditure, remained flat at Rs 250 crore in FY23. Its employee benefit costs grew 57% to Rs 113 crore in the last fiscal.

Lendingkart’s impairment loss on financial asset loans and advances reduced significantly which represents provisions and write-offs (NPAs). Its legal cost, commission paid, training, recruitment, advertising, and other overheads took the overall expenditure to Rs 751 crore in FY23 from Rs 88 crore in FY22.

Check TheKredible for complete expense breakdown

Expenses Breakdown

Total ₹ 889 Cr
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Total ₹ 751 Cr
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  • Employee benefit expense
  • Finance cost
  • Legal professional charges
  • Training recruitment expenses
  • Commission paid other selling agents
  • Impairment loss on financial assets
  • Others

Due to deep cuts in expenses, the Temasek-backed firm posted a notable profit of Rs 118 crore in FY23 as compared to a loss of Rs 203 crore in FY22. Its ROCE and EBITDA margin improved to  6% and  16%, respectively. On a unit level, it spent Rs 0.94 to earn a rupee in FY23.


FY22 FY23
EBITDA Margin -34% 16%
Expense/₹ of Op Revenue ₹1.44 ₹0.94
ROCE -17% 6%

Lendingkart is a good example of promoter experience counting when it matters. From his loan syndication and advisory days, the Mumbai based Lunia and co have ensured their deep understanding of the financial markets is used well. Besides long term relationships with clients they probably know personally for a while, the firm has also taken care to expand at its own pace, and not chase all sorts of clients in the category.

While we don’t have a detailed breakup of their loans distribution, the firm’s past record indicates it will be well placed to weather any temporary blips or downturns. Expect bigger things from this Fintech in times to come.

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