Lendingkart Technologies Private Limited, a fintech startup that develops technology tools based on big data analysis, announced that it has raised an equity round of little over Rs 319 crore in its Series D funding led by existing investors. Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, Sistema Asia Fund and India Quotient participated in the funding round.
The company said it has till now raised more than Rs 1,050 crore of equity capital from investors. The funding will be deployed to expand the company’s lending base and further reach out to small and underserved micro and small enterprises, and to further strengthen the company’s technological and analytics capabilities, the startup added in a release.
Harshvardhan Lunia, Co-Founder and Managing Director of Lendingkart Technologies, said, “The outbreak of COVID-19 and the resultant slowdown has had a tremendous impact on the economy. During these unprecedented times, MSMEs, which are 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 amidst the ongoing crisis.”
Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) claims to have evaluated nearly half a million applications, disbursing 1,00,000+ loans to more than 89,000 MSMEs in 1300+ cities across 29 states and union territories of the nation.
The startup is currently based in Ahmedabad, Bengaluru, Mumbai, Delhi NCR, and Kolkata but has a service reach across India.
Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, Lendingkart Finance Limited (formerly Aadri Infin Limited) is a non-deposit taking NBFC, providing SME lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.
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