Technology

Lendingkart Technologies raises Rs 319 crore

The Digital lender and NBFC Lendingkart Technologies has raised Rs 319 crors as a part of its ongoing Series D round led by existing investors.

21st May 2020 Author: Poshecka Kumar
Lendingkart Technologies raises Rs 319 crore

Image Courtesy : marketwatch.com


The Digital lender and NBFC Lendingkart Technologies has raised Rs 319 crors as a part of its ongoing Series D round led by existing investors.  These investors include Sistema Asia Fund, IndiaQuotient, Fullerton Financial Holdings and Bertelsmann India Investments.  The startup based out of Ahmedabad has raised 1,050 crore so far.

The FinTech SME lender was founded in 2014 by Harshvardhan Lunia and Mukul Sachan and operates two entities – Lendingkart Technologies Pvt. Ltd and Lendingkart Finance, which was earlier known as Aadri Infin Ltd. It aims at using the funding to reach out to the undeserved micro, small and medium enterprises and expand its lending base.  It also wishes to strengthen its analytical and technological capabilities. 

Harshvardhan Lunia, Co founder & Managing Director of Lendingkart Technologies stated that the fresh round of funding will play a pivotal role in aiding the MSMEs that have largely been impacted by the COVID-19 outbreak and help them continue business amidst the ongoing crisis.  He further added that MSMEs are the backbone of the economy and the resultant slowdown has taken a toll on their everyday functionality posing a threat to their existence on a whole.  

To tackle the ongoing situation, Lendingkart Finance aims at disbursing loans within 72 hours and has provided over 100000 loans to more than 89000 MSMEs in 1300 cities according to their website.  It also provides credit to small and micro enterprises working with technology tools like big data analytics and machine learning algorithms to evaluate credit worthiness. 
 


Story Source : tech.economictimes

Post Your Project