India's Lendingkart raises $7.8m growth round

The capital was raised by the company’s non-banking financial company (NBFC) arm Lendingkart Finance and is expected to support an India-wide expansion. It follows an investment of undisclosed size from DCB Bank and is said to bring the company’s total funds raised to more than INR2.5 billion.

“Since lending is our main business, money is working capital for us,” Lendingkart CEO Harshvardhan Lunia said, according to Livemint. “We use the equity money for two things. One is build technology, analytics, and infrastructure. Second, the equity gives our lenders a comfort that if anything goes wrong in the lending business, we have the appetite to absorb it.”

Founded in 2014, Lendingkart offers small to medium-sized companies services in credit access, financial big data analysis, and business creditworthiness assessments. It claims to be able to process small business loan applications completely online within 15 minutes.

The company received a $32 million Series B round from Bertelsmann India Investments last year, which comprised $20 million in equity and $12 million in debt. This round included contributions from Darrin Capital Management, Mayfield India, Saama Capital and India Quotient. In 2015, India Quotient committed an undisclosed amount to the company which was followed by a $10 million Series A with participation from

In 2015, India Quotient committed an undisclosed amount to the company which was followed by a $10 million Series A with participation from Saama and Mayfield.

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• Topics
• South Asia
• Technology
• Financials
• Expansion
• India
• Financial Services
• NBFCs