Indian lending startup Lendingkart raises about $30mn in funding

LendingkartFintech startup Lendingkart has raised about $29.7 million in a funding round led by existing investors, including Fullerton Financial Holdings Pte Ltd (FFH), Bertelsmann India Investments and India Quotient.

The funds will be used to expand lending bases, deepen its reach to small and underserved micro-enterprises and further strengthen its technological and analytics capabilities.

“MSMEs (Micro, Small & Medium Enterprises) represent a vibrant yet underserved segment of the Indian economy. We are pleased with the momentum in our business and this equity will help us meet the growth opportunities we are seeing,” said Harshvardhan Lunia, Co-Founder & MD of Lendingkart.

Post this funding round, the total equity raised by Lendingkart stands at $143 million, according to tweets from its official twitter handle.

Credit Suisse acted as the exclusive financial advisor to Lendingkart Technologies.

Ahmedabad-headquartered Lendingkart is an instant working capital finance platform that provides SMEs with easy access to credit and working capital. It works towards ensuring availability of credit for small and micro enterprises across the country that either does not have access to credit or are capital deficient currently, in a completely online process with minimum documents and no collateral.

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