Fintech startup Lendingkart raised Rs 319.24 cr in Series D led by existing investors Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, Sistema Asia Fund & IndiaQuotient.
The company said it will use the funds to expand its lending base and further reach out to small and under-served small enterprises. Along with this, it will also use the capital to further strengthen its technological and analytics capabilities.
Lendingkart provides working capital loans and business loans to medium and small enterprises (MSMEs), across India, claims to have catered 89,000+ MSMEs across 1300 cities in India.
It leverages its in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness of customers and disburse loans within 72 hours.
“Over the years, Lendingkart has grown exponentially, based on strong business fundamentals and rigorous execution. The fresh round of equity funding reaffirms the support of our investors towards the company, as well as the vast potential of the digital lending industry,"said Harshvardhan Lunia, co-founder and managing director, Lendingkart Technologies.