Lendingkart raises ₹319 cr. in ‘D’ round

[ad_1]

Financial tech firm Lendingkart Technologies has raised over ₹319 crore in equity in its Series D round (comprising ₹233 crore as part of D1 and ₹86.24 crore as part of D2). The round has been led by existing investors, including Fullerton Financial Holdings Pte. Ltd. and Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient.

Lendingkart has, till now, raised more than ₹1,050 crore of equity capital from investors.

This round off unding will be deployed to expand the company’s lending base and further reach out to small and under-served micro and small enterprises, and to further strengthen the company’s technological and analytics capabilities.

Mr. Harshvardhan Lunia, co-founder and Managing Director of, Lendingkart Technologies, said, “The fresh round of equity funding reaffirms the support of our investors towards the company, as well as the vast potential of the digital lending industry.”

“The outbreak of CoVID-19 and the resultant slowdown has had a tremendous impact on the economy. During these unprecedented times, MSMEs, who are the backbone of the economy, have suffered, grappling with varied economic uncertainties. The fresh round of funding will play a pivotal role in aiding us to help these impacted MSMEs to ensure business continuity amidst the ongoing crisis,” he further added.

Since its inception, Lendingkart Finance has evaluated nearly half a million applications, disbursing over 100,000 loans to more than 89,000 MSMEs in more than 1,300 cities across 29 states and Union Territories of the nation, making it the NBFC with the largest geographical footprint in the country.

Lendingkart leverages robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. By analysing thousands of data points to assess factors like financial health, comparative market performance, social reliability and compliance and a distinctive evaluation process, Lendingkart aims to disburse loans with minimal paperwork within 72 hours.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *