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Fintech start-up Lendingkart, which lends SMEs, has raised about Rs 205 crore ($32 million) with a mix of debt and equity.
About $20 million was raised as equity in its Series B round that was led by Bertelsmann India Investments (BII). Darrin Capital Management and existing investors — Mayfield India, Saama Capital and India Quotient — also participated in the round.
With this new round of funding, the company has raised Rs 260 crore ($41 million) till date.
The latest infusion of growth capital will be used for strengthening its data science capabilities, enhancing its technology platform as well as infrastructure for improved mobile capabilities, the company said in a statement.
Lendingkart Group aims to tap into India’s huge under-served lending market by expanding its footprint further across India.
Over the past two years, Lendingkart has arranged loans for customers in 135 cities across 22 states, witnessing 20 per cent month-over-month growth in loan origination.
Founded in 2014 by former banker and ISB Hyderabad alumnus, Harshvardhan Lunia, and former ISRO scientist and IIM Bangalore alumnus, Mukul Sachan, Lendingkart Group has built a technology platform to service the working capital financing needs of SMEs in India. The company has partnered with leading online marketplaces and various industry and trade associations to service the financing needs of both online and offline SMEs.
Harshvardhan Lunia, Co-Founder and CEO, Lendingkart Group said, “Our investors share our vision and have been instrumental in our growth journey. With Bertelsmann onboard, we look forward to leveraging its deep understanding of global financial products as well as Internet businesses. With financial services leaders such as Arvato Financial Solutions as part of the Group, Bertelsmann has strategic insights on the fintech space with end-to-end process knowledge and expertise in digital origination. Bertelsmann brings a fresh perspective on digital distribution and data driven risk assessment, which will help us in becoming the leading lending platform for SMEs in India.”
Avendus Capital was the exclusive financial advisor to this transaction.
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