Lendingkart Technologies raises $40 million (about Rs 320 crore) in an equity funding round led by existing investors including Fullerton Financial Holdings Pte Ltd (FFH), Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
The series D round comprised two tranches INR 233 crore as part of D1, and INR 86.24 crores in D2 fund-raise, according to a company statement.
Lendingkart has raised over Rs 1,050 crore of equity capital from investors till date.
This 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 company said.
“The fresh round of equity funding reaffirms the support of our investors towards the company, as well as the vast potential of the digital lending industry,” Lendingkart Technologies co-founder and Managing Director Harshvardhan Lunia said.
He added that the outbreak of COVID-19 and the resultant slowdown has had a tremendous impact on the economy.
During these unprecedented times, micro, small and medium enterprises (MSMEs) have significantly suffered grappling with varied economic uncertainties, he said, adding that the fresh funding will play a pivotal role in aiding the firm to help these impacted MSMEs to ensure business continuity amidst the ongoing crisis.
Through its non-bank financing unit, Lendingkart has so far evaluated nearly half a million applications and disbursed over one lakh loans to more than 89,000 MSMEs in over 1,300 cities.