Harshvardhan Lunia is a chartered accountant and an ISB graduate. He worked in SME banking at HDFC Bank and Standard Chartered and left a London finance job to return to Ahmedabad. He founded Lendingkart in 2014 with Mukul Sachan.
The company used data rather than collateral to give working-capital loans to small businesses. By September 2023 it had more than 110,000 active loan accounts and about Rs 6,000 crore under management, according to The Ken.
In 2024 the company ran short of cash. Its valuation was reported to fall from about $700 million in May to under $100 million in October. Fullerton Financial Holdings raised its stake from 38 percent to 77 percent, and Lunia was removed from management and the board.
Lendingkart Finance reported a net loss of Rs 288.3 crore in FY25 against a profit of Rs 60.1 crore in FY24. In November 2025 Lunia, his father Raichand and his brother Anand petitioned the NCLT against Fullerton. FY26 revenue fell to Rs 327.3 crore, with a loss of Rs 333.3 crore.