Digital lender Lendingkart Technologies has raised around Rs 319 crore in equity as a part of its Series-D round to expand its lending base and upgrade its tech capabilities.
The round was led by existing investors including Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient, according to the company's statement.
The Ahmedabad-based start-up said the funding will be deployed to expand the company’s lending base and further reach out to small and underserved micro and small enterprises, and to further strengthen the company’s technological and analytics capabilities.
"The outbreak of Covid-19 and the resultant slowdown has had a tremendous impact on the economy. During these unprecedented times, Micro, small and medium enterprises (MSMEs) who are the backbone of the economy have significantly suffered grappling with varied economic uncertainties," said Harshavardan Lunia, co-founder and MD of Lendingkart. "The fresh round of funding will play a pivotal role in aiding us to help these impacted MSMEs to ensure business continuity amidst the ongoing crisis”
Since its inception, the company has disbursed over 100,000 loans to more than 89,000 MSMEs throughout the country, the release said.
Founded in 2014 by Lumia and Mukul Sachan, Lendingkart has so far raised around Rs 1,050 crore in equity funding from investors.