[Funding alert] Fintech startup Lendingkart raises Rs 319 Cr in Series D led by existing investors
Technologies Private Limited, an Ahmedabad-based fintech startup, has raised an equity round of little over Rs 319 crore in its Series D funding (comprising Rs 233 crore as part of D1 and Rs 86.24 crore as part of D2) fundraise. The funding round has been led by existing investors, including Fullerton Financial Holdings Pte Ltd (“FFH”) and Bertelsmann India Investments, Sistema Asia Fund and India Quotient.
Lendingkart said it has till now raised more than Rs 1,050 crore of equity capital from investors. The funding will be deployed to expand the company’s lending base and further reach out to small and underserved micro and small enterprises, and to further strengthen the company’s technological and analytics capabilities, the startup added in a release.
Harshvardhan Lunia, Co-Founder and Managing Director of Lendingkart Technologies, said,
“The outbreak of COVID-19 and the resultant slowdown has had a tremendous impact on the economy. During these unprecedented times, MSMEs, which 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.”
Harshvardhan Lunia, CEO and Co-founder of Lendingkart Technologies.
Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) claims to have evaluated nearly half a million applications, disbursing 1,00,000+ loans to more than 89,000 MSMEs in 1300+ cities across 29 states and union territories of the nation.
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 said it leverages robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. By analysing thousands of data points to assess factors like financial health, comparative market performance, social reliability and compliance and a distinctive evaluation process, Lendingkart aims to disburse loans with minimal paperwork within 72 hours.
The startup is currently based in Ahmedabad, Bengaluru, Mumbai, Delhi NCR, and Kolkata but has a service reach across India.