Fullerton leads $87m round for India's Lendingkart

Existing investors including Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient and Saama Capital reportedly also participated in the round. Lendingkart will use the new capital to improve its technological and analytics capabilities, while expanding its credit products to include micro-enterprises and offer more choice to small enterprises.

Lendingkart provides financing to small and medium-sized enterprises (SMEs) in India, and seeks to make applying for financing more convenient by offering access to its system through the web and mobile apps. It claims to have evaluated more than 100,000 applications and provided loans to over 13,000 SMEs across a range of sectors. The company aims to attract borrowers with its speed in assessing creditworthiness and approving loans.

The new round brings Lendingkart’s total equity and debt raised since its 2014 founding to over $173 million. Saama and Mayfield participated in the company’s $10 million Series A round in 2015, while Bertelsmann led a Series B in 2016 that saw Lendingkart raise $20 million in equity and $12 million in debt. Bertelsmann, Mayfield and Saama were joined by Sistema, India Quotient and Darrin Capital Management for a INR700 million ($10.9 million) round last year.

Lendingkart also manages a non-banking finance company (NBFC), Lendingkart Finance, which received a INR500 million loan last year from Indian commercial lender Yes Bank.

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• Topics
• South Asia
• Financials
• Technology
• Expansion
• India
• TMT
• Financial Services
• Bertelsmann Asia Investments
• Mayfield
• Saama Capital