Ahmedabad-based SME lending platform Lendingkart Technologies has raised $10.9 Mn (INR 70 Cr) funding round, in the form of equity funds from Sistema Asia Fund, others. Existing investors Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management also participated in this round.
The latest round of funding will enable the company to increase its loan book and strengthen its technology & analytics capabilities. Additionally, the company will utilise the funds to expand reach to the underserved markets.
Dhruv Kapoor, Managing Director, Sistema Asia Fund Advisory said, “Lendingkart’s data science-driven approach and contactless distribution model is the answer to the needs of the SME sector overlooked by traditional banking infrastructure. We are privileged to join a world class team and an esteemed group of investors in fostering our collective vision of financial and digital inclusion.”
Sistema Asia Fund is managed by Russian Conglomerate Sistema JSFC. Sistema JSFC had floated a proprietary $50 Mn (INR 340 Cr) Asia Fund in February 2016, to support Indian startups operating in the technology and niche consumer retail segments.
Lendingkart – Banking On SME Lending
Talking about the startup, Pankaj Makkar, Managing Director, Bertelsmann India Investments said, “Digital lending is at an inflection point where technology and big data can help innovate on creating touchless credit evaluation and distribution leading to access to capital to the SME sector across the country.”