Lendingkart Finance CFO quits within months of joining

Mohit Bajaj, CFO, Lendingkart Finance, has demitted his office within few months of joining the company, two sources told Moneycontrol. While the exact reason for his departure could not be ascertained, one of the sources pointed towards an internal restructuring of his role. Bajaj is also understood to be looking at new career opportunities, the source added.

However, Moneycontrol could not independently verify this claim.

An email sent to Lendingkart cofounder Harshvardhan Lunia went unanswered till the publishing of this report.

Bajaj had joined the Ahmedabad-headquartered non-banking finance startup in November last year. He is currently serving his notice period, the second source said.

This is not the first top level exit at the Fullerton Capital-backed company. In 2019, its cofounder and COO Mukul Sachan had also quit to start his own venture.

Bajaj was the CFO for Lendingkart Finance, which is the lending arm of the startup. Lendingkart has a group CFO -- Sudeep Bhatia -- which is a separate position. Lendingkart has three entities: Lendingkart Technologies, Lendingkart Finance and Lendingkart Account Aggregator. The tech arm is registered in Gujarat, while the remaining two are registered in Mumbai.

Bajaj’s profile on LinkedIn reveals he is a chartered accountant by profession and has worked in multiple places before joining the company. Prior to Lendingkart, he was CFO at MediaGuru Consultants, head of finance at Religare Private Wealth and was a finance officer with Fullerton.

Earlier this year, Lendingkart raised Rs 319 crore in equity funding from Fullerton Financial, Bertelsmann India Investments, Sistema Asia Fund and India Quotient. In total, it raised over Rs 1,000 crore from very prominent investors. It competes with other major fintech lenders like Capital Float and Aye Finance.

Recently, Lendingkart was in the news for letting go of around 200 employees as a part of a restructuring exercise to deal with the fallout of COVID-19.