Online SMEs Financing Platform, Lendingkart running under Lendingkart Technologies Pvt. Ltd., has raised USD $32 million (INR 205 crore) in a second round of funding led by Betelsmann India Investment. They do investments on small and medium enterprises (SMEs).
Lendingkart Technologies Private Limited is a fin-tech startup in the working capital space. The Company has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s credit worthiness and provides other related services.
The raised capital will be used for strengthening its data science capabilities, enhancing its technology platform and improving its mobile capabilities.
Online SMEs Financing Platform Lendingkart was founded in 2014 by ex-banker and ISB Hyderabad alumnus Harshvardhan Lunia, along with ex-ISRO scientist Mukul Sachan, the company focuses on facilitating loan to SMEs.
“With Bertelsmann onboard, we look forward to leveraging its deep understanding of global financial products as well as Internet businesses. Bertelsmann has strategic insights of the Fin-tech 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,” Lunia said in a statement.
In February 2016, Lendingkart made partnership with women’s fashion marketplace Voonik to help sellers on the platform avail easy and collateral-free short-term loans.
Lendingkart provides instant and flexible financing solutions to borrowers using the web and smartphones. The company claims that the funds are transferred within 24 hours of documentation requirements being met.
Since 2014, Lendingkart has disbursed loans to customers in 135 cities across 22 states, witnessing a 20% month-over-month growth in loan origination. In April this year, Lendingkart appointed former HT Media executive Anand Mishra as vice president of product analytics.
Recently, Saama Capital had raised $30.3 million (Rs 205 crore) under its third fund. Earlier in this year Saama capital raised USD $100M funds. It has set a target of raising around $50 million in the fund.