Digital lender Lendingkart Technologies said it has raised Rs 319 crore as part of its ongoing Series D round led by existing investors including Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.
The company, in a press statement, said it will use the funding to expand its lending base and further reach out to underserved micro, small and medium enterprises, and strengthen its technological and analytics capabilities.
The Ahmedabad-based startup has raised Rs 1,050 crore so far. In August 2019, ET reported that the company had raised Rs 21 crore in equity from Sistema Asia Fund.
“The outbreak of Covid-19 and the resultant slowdown has 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,” Harshvardhan Lunia, co-founder & managing director of Lendingkart Technologies, said. “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.”
Lendingkart Finance, which aims to disburse loans within 72 hours, has provided over 100,000 loans to more than 89,000 MSMEs in 1,300 cities, according to its website. Lendingkart Finance provides credit to small and micro enterprises based on technology tools like big data analytics and machine learning algorithms to evaluate creditworthiness.