Lendingkart Picks Additional INR 86.24 cr to Close Series D Funding at INR 319 cr
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Digital lending startup Lendingkart has closed its series D fundraise of INR 319 crore in equity. The fintech startup had raised INR 233 crore in August 2019 in first tranche of series D and today announced fresh funding of INR 86.24 crore as part of D2.
The latest fundraise was led by existing investors, including Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
Founded in 2014 by Harshvardhan Lunia and Mukul Suchan, who exited the company last year, Lendingkart is a fintech startup in working capital space. As part of the larger group, Lendingkart Finance limited is a non-deposit taking non-banking finance company (NBFC) focused on providing working capital and business loans to micro, small and medium enterprises (MSMEs) in the country. Following a digital loan application and disbursal model, it leverages in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness of borrowers.
Lendingkart team. Source: Lendingkart
The Ahmedabad-based startup plans to deploy this funding to enlarge its lending base by expanding their reach to underserved MSMEs and to further strengthen the company’s technological and analytics capabilities.
“The outbreak of COVID-19 and the resultant slowdown has had a tremendous impact on the economy. During these unprecedented times, MSMES who are the backbone of the economy have significantly suffered grappling with varied economic uncertainties. The fresh round of funding will play a pivotal role in aiding us to help these impacted MSMEs to ensure business continuity amidst the ongoing crisis,” said Harshvardhan Lunia, Co-Founder and Managing Director of Lendingkart Technologies.
Lendingkart has so far raised over INR 1,050 crore of equity capital from investors. Since its inception, Lendingkart Finance claims to have disbursed over 1 lakh loans to more than 89,000 MSMEs in 1300+ cities across the country.