Lendingkart collects more capital in Series D funding
Photo Credit: 123RF.com

Lendingkart Technologies Pvt. Ltd, a lending platform for small, medium, and micro enterprises, has raised Rs 319 crore ($42 million at current exchange rate) in its Series D funding round.

Ahmedabad-based Lendingkart has raised this capital from existing investors, it said in a statement. These include Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund and India Quotient.

A part of this capital infusion was reported in August last year, with the company announcing a raise of Rs 212 crore (around $30 million). Following the entire exercise, Lendingkart has now raised over Rs 1,050 crore in equity capital from its investors.

It will use the funding it has raised to expand its lending base and increase its outreach to micro, small and medium enterprises. The funding will also be used to enhance its technological and analytical infrastructure.

Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan. It operates two entities – Lendingkart Technologies Pvt. Ltd and Lendingkart Finance, which was formerly known as Aadri Infin Ltd.

“During these unprecedented times, MSMES that are the backbone of the economy have significantly suffered grappling with varied economic uncertainties,” Lunia said. 

“The fresh round of funding will play a pivotal role in aiding us to help these impacted MSMEs to ensure business continuity amidst the ongoing crisis.”

Prior to this Series D round, Lendingkart had raised equity funding in February 2018. It had received Rs 565 crore ($87 million) in a Series C round of funding led by Fullerton. Other participants in that round included Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient and Saama Capital.

In June last year, Lendingkart raised Rs 80 crore from Alteria Capital in one of the biggest venture debt fundings to an Indian startup.

According to VCCEdge, the data research arm of Mosaic Digital, Lendingkart reported consolidated net sales of Rs 236 crore for the 2019 financial year. It reported a positive Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 97 crore for the same period.

Leave Your Comment(s)