[Funding alert] Lendingkart raises additional Rs 21 Cr in equity
Lendingkart will use the funds to expand lending base, build technology, and strengthen analytics capabilities.Sujata Sangwan
Fintech startup Lendingkart has raised another fresh equity round of Rs 21 crore from Sistema Asia Fund (SAF).
Last week it had announced an equity funding of Rs 212 crore ($30 million) led by existing investors including Fullerton Financial Holdings Pte Ltd (“FFH”), Bertelsmann India Investments and India Quotient.
With this funding round, the equity raised by Lendingkart stands at a total of $146 million.
Harshvardhan Lunia, Co-Founder & Managing Director of Lendingkart Technologies, said,
“The latest funding round with the help of the existing partners have signalled a strong support and trust in Lendingkart’s vision of financial inclusion and digital accessibility for everyone. Sistema is one of our valued partner & supporters and we are very happy to join hands for the growth trajectory we have laid out for ourselves.”
In June 2019, Alteria Capital infused Rs 80 crore debt capital in the startup.
Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) has evaluated nearly half a million applications, disbursing 60,000+ loans to more than 55,000 MSMEs in 1300+ cities across all 29 states and union territories of the nation.
Commenting on the investment, Dhruv Kapoor, Partner, Sistema Asia Capital added,
“Harsh and team continue to impress us with their energy, passion and tenacity in scaling Lendingkart to greater heights. Even during these challenging times, Lendingkart continues to grow and perform impressively across all metrics and we are privileged to partner with the company in their journey.”
Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance works towards ensuring availability of credit for small and micro enterprises across the country that either do not have access to credit or are capital deficient currently. The company aims to disburse loans with minimal paperwork within 72 hours.
Lendingkart is currently present in Ahmedabad, Bangalore, Mumbai, Delhi NCR and Kolkata but have a service reach across India. The company’s consolidated revenue grew to Rs 91.8 crore last fiscal from Rs 35.6 crore in FY17.
It competes with the likes of Capital Float, NeoGrowth, and India Lends among others.