Over the past two years, Lendingkart Group has arranged loans to customers in 135 cities
Lendingkart Group, a digital lending platform for SMEs, has raised R205 crore ($32 million) in its Series B round led by Bertelsmann India Investments (BII), with participation from Darrin Capital Management and existing investors – Mayfield India, Saama Capital and India Quotient.
Avendus Capital was the exclusive financial advisor to this transaction.
With this, the company has raised R260 crore ($41 million) till date.
The latest infusion of growth capital will be used by the Lendingkart Group for strengthening its data science capabilities, enhancing its technology platform as well as infrastructure for improved mobile capabilities. Lendingkart Group aims to tap India’s lending market by expanding its footprint further across India, the company said in a statement.
Over the past two years, Lendingkart Group has arranged loans to customers in 135 cities across 22 states, witnessing a 20% month-over-month growth in loan origination, it said.
Founded in 2014, by ex-Banker, ISB Hyderabad alumnus, Harshvardhan Lunia and ex-ISRO scientist, IIM Bangalore alumnus, Mukul Sachan, Lendingkart Group has built a technology platform to service the working capital financing needs of SMEs in India.
The company has partnered with online marketplaces and various industry and trade associations to service the financing needs of both online and offline SMEs