Lendingkart which leads in empowering micro small and medium enterprises (MSMEs) in India through digital lending, has chosen a new Chief Executive Officer (CEO), former banking professional Prashant Joshi. This change in the strategic leadership came after Fullerton Financial Holdings, a subsidiary of Temasek, acquired a majority stake in Lendingkart.
The aforementioned development came after the company’s board members officially sanctioned it on the 28th day of march, making it public during a critical period for the firm.
Joshi’s previous posts include Managing Director & Head of Consumer Banking Group at DBS Bank, alongside serving other important leadership positions in IndoStar Capital Finance, Deutsche Bank, Standard Chartered, and IDBI Bank. Having over 30 years of experience in the banking and financial services industry makes him well specialized in retail banking, SME banking and corporate finance.
Eeshit Rathi emphasized that Joshi is expected to help the firm achieve its goals as he has aimed to aid in increasing Lendingkart’s business growth alongside the goal of serving economically weaker people across small scale business in the country. However, these plans and goals are only anchored after they acquire sufficient funds from Fullerton Financial.
Lendingkart was started by Harshvardhan Lunia and Mukul Sachan in 2014, and offers AI-powered lending platforms that provide collateral-free working capital loans to MSMEs. The company also faces competition from other fintech firms like Incred, Yubi, Indifi, and Kinara Capital.
Under Joshi’s leadership and with strategic support from Fullerton, Lendingkart is set to drive small business growth and accelerate financial inclusion in India’s rapidly developing digital ecosystem.
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