Bengaluru: Fintech digital lender Lendingkart Technologies Private Limited has raised ₹319.24 crore as part of its Series D round led by existing investors Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
It had earlier raised ₹233 crore as a part of its Series D1 round, and now closed the round with fresh investments of ₹86.24 crores.
The company said it will use the funds to expand its lending base and further reach out to small and under-served small enterprises. Along with this, it will also use the capital to further strengthen its technological and analytics capabilities.
Post the closure of this round, Lendingkart has raised more than ₹1,050 crore in equity capital from investors till date.
“Over the years, Lendingkart has grown exponentially, based on strong business fundamentals and rigorous execution. The fresh round of equity funding reaffirms the support of our investors towards the company, as well as the vast potential of the digital lending industry,"said Harshvardhan Lunia, co-founder and managing director, Lendingkart Technologies.
Lunia also added that the slowdown induced by covid-19 lockdown has impacted various small businesses, and this fresh round will only help the company further to reach out to these small businesses.
Founded in 2014, Lendingkart provides working capital loans and business loans to medium and small enterprises (MSMEs), across India.
Since inception, Lendingkart Finance claims to have catered to more than 89,000 MSMEs across 1300 cities in India. With a service reach across India, Lendingkart Technologies at present has offices in Ahmedabad, Bangalore, Mumbai, Delhi NCR and Kolkata.
The company also states that it leverages its in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness of customers and disburse loans within 72 hours.
In November, last year, Lendingkart Technologies also made key senior hires, appointing Bharat Aggarwal as the senior vice-president of operations, and Mohit Bajaj as chief financial officer for the group’s NBFC arm, Lendingkart Finance. While,last year in September, Lendingkart co-founder and COO, Mukul Sachan quit the startup, to explore his interest in investment management.