Money & Banking

Lendingkart raises ₹319 crore in Series D funding

Our Bureau Our Bureau | Updated on May 19, 2020

Bengaluru, May 19

Fintech firm Lendingkart Technologies Pvt Ltd, on Tuesday, announced the close of its Series D fund raise of ₹319 crore in equity.

The Series D round comprises ₹233 crore as part of its D1 raise last August and a recent D2 raise of ₹86.24 crore. This round has been led by existing investors, including Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient. With this, Lendingkart has raised more than ₹1,050 crore of equity capital from investors to date.

The company said it will use the funds to expand its lending base, reach out to small and under-served micro and small enterprises, and to further strengthen the company’s technological and analytics capabilities.

“The outbreak of Covid-19 and the resultant slowdown have had a tremendous impact on the economy. During these unprecedented times, MSMES, 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 amid the ongoing crisis,” said Harshvardhan Lunia, co-founder and Managing Director, Lendingkart,in a statement.

Since its inception, Lendingkart Finance has evaluated nearly half a million applications, disbursing 1,00,000-plus loans to more than 89,000 MSMEs in more than 1,300 cities across 29 States and Union Territories, making it the NBFC with one of the largest geographical footprints in the country, the statement said.

The company leverages 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 such as financial health, comparative market performance, social reliability, compliance and a distinctive evaluation process, Lendingkart aims to disburse loans with minimal paperwork within 72 hours, it added.

Published on May 19, 2020

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