Lendingkart Finance Ltd, the NBFC arm of fintech startup Lendingkart has raised around $25 million through debt and equity funding.
The company raised this sum between August and September this year in multiple tranches from financial institutions and NBFCs including IFMR Capital, Capital First, Tata Capital Financial Services Ltd (TCFSl) and Manappuram Finance Ltd, as per the report by VCCircle.
Earlier in September, Lendingkart raised Rs 70 crore in equity funds from Singapore based- Sistema Asia Fund and its existing investors Bertelsmann India, Mayfield Capital, Saama Capital, Darrin Capital, India Quotient.
Out of its current funding, the NBFC raise $9.2 million from its tech and digital marketing arm Lendingkart Technologies Ltd through debt of Rs 20 crore and an equity infusion of Rs 40 crore.
Based in Ahmedabad and Bengaluru, Lendingkart was founded in 2014 by ex-banker and ISB Hyderabad alumnus, Harshvardhan Lunia and ex-finance director at Lebua Group Bangkok and IIM Bangalore alumnus, Mukul Sachan, Lendingkart Group has built a technology platform to service the working capital financing needs of SMEs in India.
Lendingkart Finance underwrites loans for small and medium enterprises from its own books. The entity provides collateral-free working capital loans ranging from Rs 50,000 to Rs 10 lakh to small businesses.