Lendingkart founders, Mukul Sachan (left) and Harshvardhan Lunia
Lendingkart Technologies has raised Rs 70 crore ($10.51 million) in the form of equity funds. Singapore-based Sistema Asia Fund, along with existing investors such as Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management participated in this round.
With this fresh funding, the company has raised a total of Rs 534 crore (equity of Rs 243 crore and debt of Rs 291 crore).
The latest infusion of equity capital will enable the company to increase its loan book and strengthen its technology and analytics capabilities. Additionally, this will aid the company to further reach out to the underserved markets of India that continue to face fund crunch, said the company. Founded in 2014, by former banker & ex-ISB-Hyderabad alumnus, Harshvardhan Lunia, and former finance director at Lebua Group Bangkok & IIM-Bangalore alumnus, Mukul Sachan, Lendingkart Group has built a technology platform to service the working capital financing needs of SMEs in India.
Harshvardhan Lunia, co-founder and CEO, Lendingkart Technologies said investors brings 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.
Currently, Lendingkart Finance has extended its reach to over 720 cities in India across 29 states and 7 union territories offering quick and easy collateral-free loans with minimal paperwork.
Once the evaluation process is completed, loan amount is disbursed to the qualifying borrower within 72 hours from the time of application.
Till date, over 300,000 SMEs have reached out to Lendingkart Finance for their credit requirement and already 10,000+ SMEs have received funds.