Lendingkart, which is a digital lending startup, has now secured INR 212 crore led by some of the existing investors which include the India Quotient, Bertelsmann India Investments, and Fullerton Financials.
The Bangalore based entity has secured equity funding of $143 million in total, which includes the latest funding round.
The company as of now has a plan to use the fresh capital to expand the reach and develop the stronger analytics capabilities to evaluate the borrowers better
The latest funding round comes at a time when the financial technology lending startups are struggling with higher borrowing costs and reduced costs from equity investors.
“This equity will help us meet the growth opportunities we are seeing. Micro and small businesses represent a vibrant, yet underserved segment of the Indian economy,” said chief executive officer Harshvardhan Lunia.
Lendingkart uses it’s in house technology tools, which are based on big data analytics and machine learning algorithms to evaluate the creditworthiness.