Online finance company Lendingkart today announced that it has raised Rs 70 crore (about USD 10.51 million) in the form of equity funds.
Singapore-based Sistema Asia Fund, along with current investors Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management, participated in this round of fund raising, Lendingkart said in a statement.
With this fresh funding, the company has raised a total of Rs 534 crore, of which Rs 243 crore is equity and Rs 291 crore is debt.
The latest infusion of equity capital will enable the company to increase loan book and strengthen its technology and analytics capabilities, the statement said.
Additionally, this will aid the company to reach out to the underserved markets of the country, it added.
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.
Currently, Lendingkart Finance has extended its reach to over 720 cities across 29 states and 7 Union Territories offering collateral-free loans with minimal paperwork, it said.
Till date, over 300,000 SMEs have reached out to Lendingkart Finance for their credit requirement and over 10,000 SMEs have received funds, the statement added.
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