Lendingkart Technologies Private Limited (a Lendingkart Group Company), today announced that it is raising over US$87 million (INR 565 crore) of equity funding in its Series C capital-raising. The round is being led by Singapore’s Fullerton Financial Holdings Pte Ltd (“FFH”), along with participation from existing investors.
Lendingkart Technologies is a leading Fintech company in India and the only Indian Fintech player featuring in the Global Top 50 Established Innovators list published by KPMG in collaboration by H2 Ventures in 2017.
With this new round of funding, Lendingkart Group’s cumulative equity and debt raising will exceed US$ 173 million (INR 1129 crores). The funds from this round will enable Lendingkart Group to further strengthen its technological and analytics capabilities. The Group also aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.
Harshvardhan Lunia, Co-Founder & CEO of Lendingkart Technologies, said, “We are excited to have Fullerton Financial Holdings join us on our growth journey. We are pleased to collaborate with Fullerton as they bring deep domain experience in the rapidly growing financial services space in India and globally. We look forward to leveraging their insights as we build a leading platform for digital lending in India. We would also like to thank our existing investors for continuing to support us in our growth journey.”
Commenting about the investment in Lendingkart Technologies, Mr. GAN Chee Yen, CEO of Fullerton Financial Holdings said, “We are pleased with the opportunity to deepen our exposure in India’s rapidly growing financial services market. Today, we are witnessing the rapid advancement and adoption of technological innovation in India. We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India. We are committed to supporting Lendingkart Group on its journey to become a leading digital lender in India. ”
Lendingkart Group has also signed a Memorandum of Understanding with Fullerton India Capital Company, a wholly owned subsidiary of FFH regarding possible opportunities and initiatives to support their respective businesses.
Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) has evaluated more than 100,000 applications, disbursed over 20,000 loans in more than 950 cities helping more than 13,000 SMEs across 23 diverse sectors.
Aligned with the Government of India’s agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of credit for small and micro enterprises across the country that currently do not have access to credit or are capital deficient. Lendingkart uses robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. Thousands of data points are used to assess factors like financial health, comparative market performance, social reliability & compliance. Once the evaluation process is completed, most of the successful loan applicants receive their loans within 72 hours. Lendingkart has expanded its operations pan India and offers quick and easy loans with minimal paperwork.
Credit Suisse acted as the exclusive financial advisor to Lendingkart Technologies.
