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.