Private Equity

Liquidity Events

Lendingkart acquires instant loans provider Upwards for Rs.120-Cr

Business Today  

Ahmedabad-headquartered SME-focused digital lending platform Lendingkart has acquired Mumbai-headquartered instant loans provider Upwards in a deal estimated at INR 100-120 crore. China's Shunwei Capital, one of the investors in Upwards, will exit the company following this acquisition. The deal comes amidst the government's crackdown on loan apps with Chinese links. Upwards offers instant loans up to INR 3 lakh to salaried professionals via its automated loan underwriting and disbursement process. Its loans are targeted at lower-income segments that have traditionally been underserved by formal credit lenders. The firm claims to have disbursed loans of more than INR 500 crore to over 50,000 customers till date.

From the Venture Intelligence PE-VC Deal Database: Between Nov-17 and Aug-18, Upwards had raised USD 5.5 M from Shunwei Capital, India Quotient and Mayfield Fund. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)