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Fintech start-up Lendingkart Technologies Private Limited has raised a fresh equity round of ₹212 crore ($30 million), led by existing investors, including Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, and India Quotient.
With this funding round, the total equity raised by Lendingkart stands at $143 million. The funding will be used to expand lending bases, deepen Lendingkart Group’s reach to small and under-served micro enterprises, and further strengthen its technological and analytics capabilities. Credit Suisse acted as the exclusive financial advisor to Lendingkart Technologies.
“We are pleased with the momentum in our business, and this equity will help us meet the growth opportunities we are seeing. Micro and small businesses represent a vibrant yet under-served segment of the Indian economy. The support of all of our customers, investors and employees is empowering us to build the leading financial services platform for this segment,” said Harshvardhan Lunia, co-founder and MD of Lendingkart Technologies.
Since its inception in 2014, 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 , the start-up said in a statement. Currently based in Ahmedabad, Bengaluru, Mumbai, Delhi NCR and Kolkata, the start-up has a service reach pan-India.