Lendingkart Finance founder Lunia steps down as MD

Mumbai: Founder promoter Harshvardhan Lunia stepped down as the managing director of Lendingkart Finance effective end June and the Temasek-backed fintech is yet to appoint a new MD.

Fullerton Financial Holdings, the largest shareholder of Lendingkart, has recommended the name of a new MD that is being vetted by the Reserve Bank of India, people aware of the development said.

The company reported ₹288 crore losses in FY25 against net profit of ₹60 crore a year ago. Raichand Lunia, the founder's father, continues to be on the board of the firm as an independent director. T V Rao, who is an independent director, is also chairman of the board.

Lendingkart Finance did not respond to ET's request for comment.

As of October 31, 2024, Fullerton held 44% stake in Lendingkart Technologies (LTPL), the parent company of unlisted Lendingkart. The group has received investment of ₹799 crore from Fullerton since October 2019. In October 2024, Temasek issued a ₹50 crore standby letter that Lendingkart Finance can draw down to meet any financial commitments.

The fintech, which specialises in giving unsecured loans to small and medium companies, reported losses before tax of ₹396 crore against a net profit of ₹80 crore a year ago.