LendingKart, which is an Ahmedabad based digital lender, has now completed an equity round of $3 million from the Sistema Asia Fund, which has already invested around $33 million so far.
Previously, LendingKart had secured $30 million in a funding round led by some of the existing investors which include the India Quotient, Bertelsmann India and Fullerton Financial Holdings.
With the help of this latest funding, LendingKart equity stands at around $46 million.
The funds now will be going to be used to expand the lending base, to build up the new technology and strengthen analytics capabilities, said the announcement.
“The latest funding round, with the help of existing partners, have signalled strong support and trust in Lendingkart’s vision of financial inclusion and digital accessibility for everyone,”Harshvardhan Lunia, co-founder & managing director, Lendingkart Technologies
The LendingKart group was founded in the year 20114 by the two people Mukul Sachan and Lunia. It operates two entities – LendingKart Finance and LendingKart Technologies.
LendingKart Technologies handles the latest technologies and digital marketing services. It has developed tools which are based on the big data analytics that helps to evaluate the creditworthiness of the borrowers.
LendingKart Finance is a company Non-Banking Finance company (NBFC) arm that offers collateral-free working capital loans ranging from INR 50000-INR 1 crore to small businesses. It claims to have evaluated more than half of the million applications and disbursed more than 60000 loans to more than 55000 Small, Medium and Micro Enterprises which is spread across the 1500 cities so far.
In the previous round of funding, the company had secured $11.4 million from the Alteria Capital, which is a venture debt funding.
Picture Credits: YourStory