Lending startups Capital Float and Lendingkart both recorded significantly higher write offs and bigger losses in financial year 2017-18, although business expansions helped revenues surge around 150% for the two companies.
Lendingkart wrote off Rs 26.1 crore worth of bad loans in FY18, as against Rs 8.6 crore in the previous year, show regulatory filings sourced from paper.vc. Capital Float wrote off Rs 16 crore worth of bad loans, up from Rs 1.8 crore in FY17.
But while Lendingkart lowered its provisioning for non-performing assets, or bad loans, to Rs 1.5 crore from Rs 3 crore, Capital Float increased provisioning for NPAs to Rs 18 crore from Rs 3 crore.
Source: The Economic Times