Indian FinTech Lendingkart raises INR 3.19 bn in Series D funding

Source: IBS Intelligence 2020-05-20

Indian FinTech Lendingkart Technologies Private Limited, an online lending platform, has raised an equity round of INR 3.19 billion in its Series D round (comprising INR 2.33 billion as part of D1 and INR 0.86 billion as part of D2) fundraise. The round of funding has been led by existing investors including Fullerton Financial Holdings Pte Ltd (“FFH”) and Bertelsmann India Investments, Sistema Asia Fund, and IndiaQuotient. Funding during such unprecedented times just reiterates the fact that FinTechs such as online lenders and NBFCs have a strong role to play in reviving the economy.

So far Lendingkart has raised over INR 10.50 billion of equity capital from investors. This fresh 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.

Harshvardhan Lunia, Co-Founder & Managing Director of Lendingkart Technologies, said, “Over the years, Lendingkart has grown exponentially, based on strong business fundamentals and rigorous execution. 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.”

“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 has 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,” he further added.

Since its inception, Lendingkart Finance has evaluated nearly half a million applications, disbursing 1,00,000+ loans to more than 89,000 MSMEs in 1300+ cities across 29 states and union territories of the nation, making it the NBFC with the largest geographical footprint in the country.

Aligned with the Government of India’s agenda of building financial inclusion and supporting MSMEs, Lendingkart Finance works towards ensuring the availability of credit for small and micro enterprises across the country that either does not have access to credit or are capital deficient currently. Lendingkart leverages robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. By analyzing thousands of data points to assess factors like financial health, comparative market performance, social reliability & compliance, and a distinctive evaluation process, Lendingkart aims to disburse loans with minimal paperwork within 72 hours.

The funding also comes in a time when there are reports floating that the company has laid off over 50% of its workforce in the wake of the current crisis caused due to the COVID19 pandemic.

Indian FinTech Lendingkart raises INR 3.19 bn in Series D funding

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