IBEF: May 20, 2020
Lendingkart Technologies Pvt Ltd, a fintech firm, has raised a Series D funding round of Rs 319 crore (US$ 45.25 million), led by existing investors including Fullerton Financial Holdings Pte Ltd, and Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
The Series D round is divided in two part consisting of Rs 233 crore (US$ 33.05 million) as part of its D1 raised in last August and a recent D2 raise of Rs 86.24 crore (US$ 12.23 million). The total funds raised by the firm is more than Rs 1,050 crore (US$ 148.96 million) of equity capital from investors to date.
The company plans to utilise these funds to expand its lending base and further reach out to small and under-served micro and small enterprises and 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 who 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,” said Mr Harshvardhan Lunia, co-founder and Managing Director, Lendingkart, in a statement.
Lendingkart Finance has evaluated nearly half a million applications, disbursing 1,00,000-plus loans to more than 89,000 MSMEs in over 1,300 cities across 29 States and Union Territories since its inception. The company has one of the largest geographical footprints in the country, the statement said.
The company make use of in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. Lendingkart objective is to disburse loans with minimal paperwork within 72 hours by analysing thousands of data points to assess factors like financial health, comparative market performance, social reliability and compliance and has a distinctive evaluation process, it added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.