Lendingkart Technologies, the digital lending startup, is in the procedure of lifting a Series C round of funding worth $50 Million to $80 Million and has by now lifted $10.5 Million (almost Rs 70 Crore) in a hugely interior round.
The firm also rolled in Sistema Asia Fund, a new investor, in this round, with the Singapore-based fund also set to spend in the bigger round, which is anticipated to conclude in 4 Months to 6 Months.
Lendingkart is also in discussions to lift almost $80 Million and has employed Credit Suisse as the spending banker for the round, according to 2 sources having deep knowledge of the developments. Current sponsors Mayfield India, Bertelsmann India Investment, India Quotient, Saama Capital, and Darrin Capital Management guided the newest round. This brings the entire fundraise of the company to Rs 243 Crore in equity. Lendingkart has also lifted a noteworthy Rs 291 Crore of amount of money owing funding.
The firm aims to utilize the newest funds to strengthen its analytics capabilities and technology as well as elevate their loan book.
“The fund will be utilized to elevate the amount of loans and to drive the mobile platform,” Harshvardhan Lunia, CEO of Lendingkart, claimed to the media in an interview. Lendingkart has up to now assisted more than 10,000 medium and small businesses get funds.
“Contact-less distribution model and data science-driven approach of Lendingkart is the key to the requirements of the SME segment unnoticed by customary banking communications. We are fortunate to join a world-class group and a respected team of sponsors in driving our communal vision of digital and financial inclusion,” MD of Sistema Asia Fund Advisory, Dhruv Kapoor, claimed to the media in a statement.
Capital Float, another digital lending player, last month lifted Rs 293 Crore in its Series C round guided by Ribbit Capital, the US-based fintech sponsor, along with current investors SAIF Partners, Sequoia Capital, and Creation Investments.
Lendingkart previous month had lifted money owing funding of $10 Million (almost Rs 67 Crore) from Aditya Birla Financial Services, Kotak Mahindra Bank, and a few other financial institutions including Tata Capital.