Fintech firm Lendingkart on Wednesday announced that it has acquired digital lending platform 'Upwards' for Rs 100 crore.

Upwards was founded in 2017 by Abhishek Soni and Nimesh Verma. The central bank registered non banking financial company (NBFC) offers personal loans to salaried professionals courtesy of a proprietary technology platform offering automated loan underwriting and disbursement process.

Lendingkart Finance Limited, formerly called Aadri Infin Limited, is a non-deposit-taking NBFC, providing small and medium enterprise (SME) lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The company uses technology and analytics tools to assess the creditworthiness of small businesses.

"The acquisition aligns its mission of providing finance to the underserved through robust technology," said Harshvardhan Lunia, the chief executive and founder of Lendingkart.

Founded in 2014, Lendingkart has raised over Rs 1,050 crore from external investors since inception.

“With this partnership, Upwards will be aptly positioned to execute its strategy of helping customers smoothly obtain personal loans,” he added.

Upwards' credit underwriting engine uses complex algorithms to analyse more than 500 data points to maintain superior credit quality, according to the media statement.

“With Lendingkart's credit, capital and distribution capability, we plan to deepen our presence across the country to bridge the massive credit gap in the personal loan market in India,” observed Upwards' co-founder Abhishek Soni.

(with PTI inputs)