Fullerton India Credit Company Limited (Fullerton India), a leading non-banking financial company with a strong pan-India presence, signed a Memorandum of Understanding (MoU) with the Lendingkart Group (Lendingkart Technologies Private Limited and Lendingkart Finance Limited) to provide organised credit to Micro Small and Medium Enterprises (MSMEs).
As a part of this MoU, both Fullerton India and Lendingkart Group will work together to explore joint product programmes, especially to source and service MSME loans. The Companies will seek cross-sell opportunities to each other’s customers thereby increasing the availability of product suites on both sides. Fullerton India will also help Lendingkart Group to provide collections support. The partnership will allow both the Companies to adopt best practices of each other and access better credit profiles.
Commenting on the collaboration, Rajashree Nambiar, CEO and MD, Fullerton India said, “We firmly believe that the MSME sector acts as an important catalyst to the Indian economy. This association will enable us to cater to the MSME segment by providing them with access to organised credit, both online and offline. We believe that this collaboration will create mutually beneficial synergies.”
Harshvardhan Lunia, CEO and co-founder, Lendingkart Technologies said “We are excited to be associated with Fullerton India as we move ahead in our growth journey. Their rich expertise in customer management and innovative product offerings will help us reach and serve more and more MSMEs in the country."
As a part of this alliance, both the Companies will explore co-lending opportunities, wherein Fullerton India will gain access to newer segments among online customers and Lendingkart will utilise Fullerton India's offline distribution channels.