Ahmedabad-based digital lender Lendingkart Technologies has completed a new equity round of around $3 million from Sistema Asia Fund (SAF), taking funds raised from SAF to $33 million so far.
Last week, Lendingkart had raised $30 million in a round led by existing investors including Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient.
With the latest round, equity raised by Lendingkart stands at $146 million.
The funds will be used to expand the lending base, build technology and strengthen analytics capabilities, a statement issued by Lendingkart said.
“The latest funding round, with the help of existing partners, have signalled strong support and trust in Lendingkart’s vision of financial inclusion and digital accessibility for everyone,” said Harshvardhan Lunia, co-founder & managing director, Lendingkart Technologies.
The Lendingkart group was founded in 2014 by Lunia and Mukul Sachan. It operates two entities – Lendingkart Technologies and Lendingkart Finance (formerly Aadri Infin).
Lendingkart Technologies handles technology and digital marketing services. It has developed tools based on big data analytics that help lenders evaluate borrowers’ creditworthiness.
Lendingkart Finance is the company’s non-banking finance company (NBFC) arm that provides collateral-free working capital loans ranging from Rs 50,000 to Rs 1 crore to small businesses. It claims to have evaluated nearly half a million applications and disbursed over 60,000 loans to more than 55,000 MSMEs spread across 1,300 cities so far.
In its previous funding round, the company had raised $11.4 million in venture debt from Alteria Capital.