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The Mumbai-based non-banking financial company's net loss widened to Rs 333.27 crore in FY26 from Rs 288.34 crore in the previous year.
The dispute centres on what a person aware of the development describes as a dramatic collapse in Lendingkart's lending operations under the current management.
Co-founders Raichand Lunia and Harshvardhan Lunia, along with Mukul Sachan, who had stepped down in 2019, will also infuse capital.
Sep 12th Edition: How Capital Float (now Axio) and Lendingkart, in 2025, found themselves meeting the same fate; and why India’s healthcare is not ready for the AI and robotics revolution yet.
Joshi’s elevation comes amid strategic leadership changes following a majority stake acquisition by Temasek’s Fullerton Financial Holdings (FFH).
Revenue from co-lending - which accounted for 54% of the operating revenue - jumped by 88% to Rs 591 crore in FY24.
The deal, which includes an investment of up to Rs 252 crore ($30 million), is awaiting regulatory approval.
