SaaS startup Lentra raises $27M led by MUFG Bank, Dharana Capital
Lentra's latest capital raise is part of an extended Series B round. The enterprise SaaS startup had earlier raised $60 million in November 2022.
Lentra, the Pune-headquartered SaaS startup focused on financial services, has raised $27 million as part of its extended Series B round led by MUFG Bank of Japan and Dharana Capital.
Prior to this extended Series B round, has cumulatively raised $76.6 million, according to data from Tracxn. It last raised $60 million in a Series B round in November 2022 from its existing investors Bessemer Venture Partners and SIG Venture Capital, along with participation from Citi Ventures.
Founded in 2019, by D Venkatesh and Ankur Handa, Lentra's technology platform enables digital lending. The startup said the platform is used by more than 60 financial institutions and has processed more than $27 billion worth of loan applications.
Mitsubishi UFJ Financial Group (MUFG) Bank invested in Lentra through its Ganesha investment fund for Indian startups. According to a statement, this deal marks the first joint investment by the bank and MUFG Innovation Partners Co Ltd (MUIP), a corporate venture capital under the MUFG Group.
D Venkatesh, Founder and CEO, Lentra, said, “We have been scaling at a fast pace and this extended round is a strategic step towards fueling our ambition of empowering lenders globally.”
Lentra has also extended its presence to Vietnam, the Philippines, Indonesia, and the US by setting up subsidiaries and accelerating GTM (go-to-market).
“This is a testimony to Lentra’s status as the leading enterprise SaaS (software-as-a-service) platform and the transformational role it stands to play in the evolving digital lending landscape," said Shashank Joshi, Deputy CEO of MUFG India. "This partnership affirms our commitment to be at the forefront of supporting digital innovation in India and its expansion to other geographies.”
Edited by Kanishk Singh