Lendingkart raises $10.5 mn from Sistema Asia Fund, existing investors
Lendingkart Technologies has raised $10.5 million from Singapore-based Sistema Asia Fund and existing investors, the company said on Wednesday. Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management also invested in the latest round.
Sistema Asia Fund Advisory is the Asia-focused fund of Moscowbased Sistema, a business group engaged in telecom, retail, and pharmaceuticals, among other sectors. The fund is also an investor in Indian start-ups Seclore, Qwikcilver and Wooplr.
According to a recent report in The Economic Times, Lendingkart is in talks to raise $50-80 million in series C funding. Lendingkart had raised $32 million in series B funding led by Betelsmann India in June last year.
“We are excited to have Sistema Asia Fund on board and look forward to further building our relationships with existing investors who continue to bring to the table fresh perspectives and strategic insights on market dynamics of current and future trends,” said Harshvardhan Lunia, co-founder and CEO, Lendingkart.
The company said it will use the funds to increase its loan book and invest in expanding technology and analytical capabilities.
Lendingkart Technologies, along with its NBFC arm Lendingkart Finance, offers collateral-free loans to SMEs (small and medium enterprises) for working capital and other requirements. It raises money from banks and other NBFCs and on-lends it to customers using proprietary credit underwriting technology.
The latest round takes the total funding raised by the company to ₹534 crore.