Bertelsmann leads $32m round for India's Lendingkart

The round consists of $20 million in equity and $12 million in debt; Darrin Capital Management took part in the Series B, along with existing investors Mayfield India, Saama Capital and India Quotient. Saama and Mayfield also participated in Lendingkart's $10 million Series A round last July, while India Quotient committed an undisclosed amount to the company in January 2015.

Lendingkart will use the new capital to improve its data science capabilities, as well as to enhance its technology platform and mobile internet infrastructure. The start-up provides financing to small and medium-sized enterprises (SME) in India, aiming to attract borrowers with its speed in assessing creditworthiness and approving loans. It also seeks to make applying for financing more convenient by offering access to its system through both web and mobile apps.

Since its founding in 2014, Lendingkart has arranged loans to businesses in 135 cities across India; it claims to have seen an average month-to-month growth rate in loan origination of 20%. Its competitors include non-banking finance company (NBFC) Capital Float, which recently raised a $25 million Series B round led by Creation Investments Capital Management, with participation by SAIF Partners, Sequoia India and Aspada Advisors.

Several of Bertelsmann's India investments have featured an SME support angle. In January the firm led a $6 million round for Kartrocket, a creator of software tools for e-commerce site developers, and in 2014 it made an LP commitment of an undisclosed amount to Digital Nirvana Fund, an India-focused vehicle that supports start-ups in the digital space.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Financials
• Technology
• Venture
• Early-stage
• India
• Bertelsmann Asia Investments
• Saama Capital
• Mayfield