Mukul Sachan, the co-founder and chief operating officer (COO) of India-based alternative small business lender Lendingkart, is stepping down from the post.
YourStory reports said Friday (Sept. 13) that Sachan confirmed plans to leave the company he helped found, and will go on to focus on investment management. Reports said he plans to remain involved in Lendingkart as a mentor and consultant, however.
Sachan co-founded Lendingkart in 2014 alongside Harshvardhan Lunia, who serves as the firm's CEO.
“Mukul and I started Lendingkart in 2014 with a vision to financially enable the growing ecosystem of MSMEs [micro, small and medium-sized businesses] in India,” Lunia said in a statement. “He has contributed immensely to the company's growth and helped us expand our reach to the remotest parts of our country. After spending close to six years in the company and being a pillar of strength for all of us, Mukul has decided to step down from his role as Chief Operating Officer. He will now be exploring his interests in investment management but will continue to be an active mentor and consultant for the group, dividing his time equally.”
He added that he and the board have thanked Sachan for his time and support with the company.
Last month Lendingkart announced a $30 million Series D funding round led by existing backers Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient.
“Micro and small businesses represent a vibrant yet underserved segment of the India economy,” Lunia said in a statement in at the time. “The support of all of our customers, investors and employees is empowering us to build the leading financial services platform for this segment.”
Only days later, the company announced an additional $2.95 million raised from Sistemaa Asia Fund, which boosted the company's total funding to date to $146 million, reports said at the time.