Lendingkart ties up with Voonik for easy loans to merchants

Lendingkart ties up with Voonik for easy loans to merchants

Lendingkart ties up with Voonik for easy loans to merchants.

Ahmedabad | RNW | By Vishal Dutta, ET Bureau | 4 Feb, 2016, 03.32 AM IST.

Lendingkart, a startup backed by Mayfield Fund and Saama Capital that’s engaged in online lending for entrepreneurs, joined hands with Voonik, a fashion marketplace for women. Through the association, Lendingkart will help sellers avail easy and collateral-free short-term working capital loans

As an online retail marketplace, Voonik has more than 6000 merchants selling their products online. It has over 7 million registered users and 5 million app downloads according to a company statement.

Harshvardhan Lunia, Co-Founder & CEO, Lendingkart said, “Voonik has a huge customer base and sometimes their selling partners face hurdles in fulfilling sudden demands of their products due to lack of working capital. Through this tie-up, we have attempted to simplify the process of loan disbursement and made working capital fund accessible to merchants via our affiliated NBFCs.”

Rameswar Misra, Head of the Marketplace at Voonik, said, “We believe that the true measure of success is when these small sellers get discovered by a large shopper base. This association will enable all our sellers to scale effortlessly for the increase in demand and reach millions of online shoppers in the country and abroad.”

Lendingkart has developed a tool which utilizes a unique mix of Big Data analytics, decision science, and other proxies to derive credit comfort and assess the creditworthiness of small business owners. Most of the credit risk analysis at Lendingkart’s affiliated NBFCs, is done digitally so that loans can be disbursed in less than 48 hours even in semi-urban and tier-2 cities.