<article>Digital lending platform for SMEs <a style="color: #000080;" href="http://dealstreetasia.com/tag/lendingkart">Lendingkart Group</a> has raised $32m in its Series B funding round led by <a style="color: #000080;" href="http://dealstreetasia.com/tag/bertelsmann-india">Bertelsmann India Investments</a>.</article>

Digital lending platform for SMEs <a style="color: #000080;" href="http://dealstreetasia.com/tag/lendingkart">Lendingkart Group</a> has raised $32m in its Series B funding round led by <a style="color: #000080;" href="http://dealstreetasia.com/tag/bertelsmann-india">Bertelsmann India Investments</a>.
Darrin Capital Management and existing investors – <a style="color: #000080;" href="http://dealstreetasia.com/tag/mayfield">Mayfield India</a>, <a style="color: #000080;" href="http://dealstreetasia.com/tag/saama-capital">Saama Capital</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/india-quotient">India Quotient</a>, also participated in the round in which $20 million was raised as equity and $12 million as debt, the company said in a statement.
<a style="color: #000080;" href="http://dealstreetasia.com/tag/avendus-capital">Avendus Capital</a> was the exclusive financial advisor to this transaction.
With this new round of funding, the company has raised $41 million till date. Last year, Lendingkart had raised $10 million from venture capital funds Saama Capital and Mayfield Fund and two high net worth individuals — Ashvin Chadha and Shailesh Mehta. It had earlier raised its seed fund from VC fund India Quotient, Ashish Goenka, chairman and MD of Suashish Diamonds Group, and a private equity investor.
Founded in 2014, by ex-Banker, ISB Hyderabad alumnus, Harshvardhan Lunia and ex-ISRO scientist, IIM Bangalore alumnus, Mukul Sachan, Lendingkart offers short-term working capital loans based on an online form filled by the borrower and it disburses the loan amount through affiliated lenders, or lending partners, in three working days.
Lendingkart plans to use this latest funding to strengthen its data science capabilities, enhance its technology platform as well as infrastructure for improved mobile capabilities. It has also partnered online marketplaces such as<a style="color: #000080;" href="http://dealstreetasia.com/tag/craftsvilla"> Craftsvilla </a>and <a style="color: #000080;" href="http://dealstreetasia.com/tag/paytm">Paytm</a> and various industry and trade associations to service the financing needs of both online and offline SMEs.
The company claims to have arranged loans to customers in 135 cities, witnessing a 20% month-over-month growth in loan origination.
“With Financial Services leaders such as Arvato Financial Solutions as a part of the Group, Bertelsmann has strategic insights of the Fintech space with end to end process knowledge and expertise in digital origination. Bertelsmann brings a fresh perspective on digital distribution and data driven risk assessment which will help us in becoming the leading lending platform for SMEs in India,” Harshvardhan Lunia, Co-Founder and CEO, Lendingkart Group said.
The fintech space has emerged as one of the favourite bets for investors, with funds pouring into the sector. According to a CII-PwC Study, investment in fintech companies in India touched $1.2 billion in 2015, compared to $145.1 million in the previous year.
Recently <a style="color: #000080;" href="http://dealstreetasia.com/tag/cleartax">ClearTax</a>, a start-up that helps individuals and businesses file their tax returns online, raised $12 million in a funding round led by SAIF Partners. Also, digital payments firm <a style="color: #000080;" href="http://dealstreetasia.com/tag/transerv">TranServ </a>raised $15 million in its Series C round from IDFC Spice Fund, a venture capital fund managed by IDFC Asset Management and mobile phone manufacturer Micromax Informatics.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/38743-38743/">India Dealbook: TranServ raises $15m in Series C round; ClearTax gets seed funding</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/india-cleartax-raises-12m-44571/">India: ClearTax raises $12m in funding round led by SAIF Partners</a>
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Digital lending platform for SMEs Lendingkart Group has raised $32m in its Series B funding round led by Bertelsmann India Investments.

Fintech startup Lendingkart raises $32m in Series B led by Bertelsmann India

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Fintech startup Lendingkart raises $32m in Series B led by Bertelsmann India

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