There’s even more money being pumped into India’s rapidly growing fintech scene. And the latest to get that capital bump is fin-tech startup Lendingkart. The startup raised $30 million in its latest funding round. This Series D round was led by Fullerton Financial Holdings, Bertelsmann India Investments, and India Quotient.
Founded in 2014 by Harshvardhan Lunia and Mukul Sachan as Aadri Infin Limited, Lendingkart now stands at total equity of $143 million with this funding round. The startup is based in Ahmedabad, Bangalore, and Mumbai but offers services all over India.
The fin-tech startup helps small businesses and entrepreneurs with working capital loans. The non-deposit taking non-banking financial company (NBFC) uses technology, analytics tools, and big data to evaluate a business’s creditworthiness.
Harshvardhan Lunia, Co-founder and CEO of Lendingkart Technologies, in a statement to Inc42, said, “We are pleased with the momentum in our business and 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.”
Lendingkart is backed by investors like Fullerton Financial Holdings, Bertelsmann India Investments, India Quotient, State Bank of India, and Alteria Capital among others. Previously, the company secured debt financing from Alteria Capital ($11.4 million) and State Bank of India ($3.8 million).
Bertelsmann India Investments’ Managing Director, Pankaj Makkar said, “Digital lending is revolutionizing access to capital for MSMEs. With focused efforts of the Government and technological advances such as big data, digital lending has set the stage for disruption with greater formalization, faster capital disbursements and vastly improved customer experience.”
Lendingkart has approved and extended over 60,000 loans to 55,000 Indian MSMEs. In FY2018, the company reported total revenue of $13.1 million, growing almost three times, in comparison with its revenue for the previous fiscal year.