Lendingkart Technologies, an online SME lending platform based out of Ahmedabad, has today raised ₹70 crore in its latest funding round in form of equity funds.
The funding comes from Sistema Asia Fund, along with existing investors Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management.
With this fresh funding, the company’s total funding so far stands at about ₹534 crore which consists equity of ₹243 crore and debt of ₹291 crore.
The capital will now enable the company to increase loan book and further strengthen its technology and analytics capabilities. This will also allow the startup to further reach out to the underserved markets of India.
Commenting about this funding round, Dhruv Kapoor, Managing Director, Sistema Asia Fund Advisory said,
Lendingkart’s data science-driven approach and contactless distribution model is the answer to the needs of the SME sector overlooked by traditional banking infrastructure. We are privileged to join a world class team and an esteemed group of investors in fostering our collective vision of financial and digital inclusion.
Harshvardhan Lunia, Co-Founder and CEO, Lendingkart Technologies said,
It is amazing to be associated with people who believe in us and share our vision of fulfilling credit requirements of millions of SMEs across the country. We are excited to have Sistema Asia Fund on board and look forward to further building our relationships with existing investors who continue to bring to the table fresh perspectives and strategic insights on market dynamics of current and future trends. It is this support that will help us in becoming the leading lending platform for SMEs in India.
Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan. It is an instant working capital finance platform that provides SMEs with easy access to credit.
Currently, the company is focused on providing short-term loans with small-ticket sizes. It claims that once the evaluation process is completed, the loan amount is disbursed to the qualifying borrower within 72 hours from the time of application.
The company further says that it has managed to extend its reach to over 720 cities in India across 29 states and seven union territories. Till date, the startup claims over 300,000 SMEs have reached out and over 10,000 SMEs have already received funds.