Lendingkart Technologies funding: raises around Rs. 320 Crores in Series D round
In an equity funding round Lendingkart Technologies, a fintech startup raises near about Rs. 320 crores from a group of investors including Fullerton Financial Holdings Pte Ltd (FFH), Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient. In total it has raised a total of INR 1,050 crores.
The company is planning to use this fund for expansion of the company’s lending base and to reach out to micro, small, and medium underserved enterprises. It also wants to work more on its technological and analytical parts.
According to co-founder and Managing Director Harshvardhan Lunia – “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,”
Continuing, he added the slowdown induced by COVID-19 lockdown has impacted various small businesses, and this fresh round will only help the company further to reach out to these small businesses.
Founder and CEO of StartupLanes, Shishir Gupta says although COVID has an impact on almost every business however small and medium enterprises are the ones who struggle most. They will have to revive their market area again. They also have to pay the arrears of salary, material purchased, etc. With all this they need to remain in competition to sustain. Although Honourable PM Modi promoted local brands in his recent speech. We as an entrepreneur also needs to help our fellow companies. We need more companies like Lendingkart who can provide basic support to the MSMEs especially during this crisis situation. My best wishes with the team of Lendingkart and much appreciation for the services provided to the core part of the Indian economy.
Founded by Harshvardhan Lunia and Mukul Sachan in 2014. It has developed technological tools for data analytics to evaluate borrower’s creditworthiness and provides other related services. It is currently operating in Ahmedabad, Bengaluru, Mumbai, Delhi NCR, and Kolkata also has a reach across India. It claims these technological tools based on big data analytics and machine learning algorithms help to evaluate the creditworthiness of customers and disburse loans within 72 hours.
According to the MSME Ministry’s FY19 annual report, India has 6.33 crore MSMEs out of which 6.30 crore – 99.4 percent are micro-enterprises. Uttar Pradesh has the largest number of MSMEs with a total share of 14.20%.