12 February 2018, India:
Lendingkart Technologies Private Limited has secured ₹565 crore ($87 million) equity capital in Series C funding round. The funding round was led by Fullerton Financial Holdings Pre Ltd.
Exisitng investors Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient and Saama Capital also participated in the funding round.
The company will use the fresh capital to further strengthen its product offering technological and analytics capabilities.
After this funding round, Lendingkart Group’s cumulative equity and debt raising will exceed ₹1129 crores ($173 million).
“We are excited to have Fullerton Financial Holdings join us on our growth journey. We are pleased to collaborate with Fullerton as they bring deep domain experience in the rapidly growing financial services space in India and globally. We look forward to leveraging their insights as we build a leading platform for digital lending in India. We would also like to thank our existing investors for continuing to support us in our growth journey,” said Harshvardhan Lunia, Co-Founder & CEO of Lendingkart Technologies.
Lensingkart has also signed a MoU (Memorandum of Understanding) with Fullerton India Capital, a fully owned subsidiary of Fullerton Holdings regarding creating potential initiatives to support their respective businesses.
“We are pleased with the opportunity to deepen our exposure in India’s rapidly growing financial services market. Today, we are witnessing the rapid advancement and adoption of technological innovation in India. We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India. We are committed to supporting Lendingkart Group on its journey to become a leading digital lender in India,” said Mr. GAN Chee Yen, CEO of Fullerton Financial Holdings.
Lendingkart Group was founded by Harshvardhan Lunia and Mukul Sachan in 2014. The group operates two entities – Lendikngkart Technologies Pvt. Ltd and Lendingkart Finance (formerly Aadri Infin Ltd).
Lendingkart Finance claims to have evaluated more than 100,000 applications, disbursed over 20,000 loans in more than 950 cities helping more than 13,000 SMEs across 23 diverse sectors. The company has grabbed a good amount of share in the Indian SME lending market in small time.
(Image – Deccan Chronicle)
