India: Fintech startup Lendingkart raises $11m led by Fullerton Financial Holdings

Lendingkart, a fintech startup headquartered in Ahmedabad, has raised as much as Rs 86.24 crore, led by Fullerton Financial Holdings Pte Ltd, with participation from Bertelsmann, Sistema Asia Fund and India Quotient, according to a report by Inc42.

All the investors who participated in the current round of funding are Lendingkart’s existing backers.

Of the total amount infused in the current transaction, Fullerton has reportedly pumped in Rs 43.1 crore in the company, while Sistema has put in another Rs 5.62 crore. Bertelsmann and India Quotient, meanwhile, have reportedly invested Rs 15 crore each, the report added.

This is a part of the ongoing Series D funding round in which the company has already raised Rs 212 crore last August.

The funding raised will be used by Lendingkart to expand its lending bases, and spruce up its technological and analytics capabilities as it carves out its expansion plans going forward.

Established in 2014, Lendingkart caters to small businesses across the country and offers collateral-free working capital and other business loans to them. It has reportedly developed technology tools based on big data analysis that facilitates lenders to evaluate borrower’s credit-worthiness.

Since its inception, Lendingkart claims to have disbursed over 1 lakh loans to around 89,000 MSMEs spread across 1,300 cities.

With credit demand is going up across the country, opportunities are increasingly opening up for startups operating in the sector. Recently, Chennai-based fintech startup CreditMantri made headlines for raising around Rs 6 crore from a slew of investors namely IDG Ventures, Elevar Equity and impact investor Accion.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.