Fintech major Lendingkart Technologies Pvt Ltd has raised Rs565 crore ($87 million) of equity funding, led by Singapore's Fullerton Financial Holdings (FFH), along with participation from existing investors. The new round of funding, its Series C, Lendingkart Group's cumulative equity and debt raising will exceed $173 million (Rs1,129 crore).
Lendingkart Group has also signed a memorandum of understanding with Fullerton India Capital Company, a wholly owned subsidiary of FFH, regarding possible opportunities and initiatives to support their respective businesses.
Since its inception, Lendingkart Finance (the NBFC arm of Lendingkart Group) claims to have evaluated more than 100,000 applications, disbursed over 20,000 loans in more than 950 cities, helping more than 13,000 SMEs across 23 diverse sectors.
''We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India. We are committed to supporting Lendingkart Group on its journey to become a leading digital lender in India,'' said GAN Chee Yen, CEO of Fullerton Financial Holdings.
The company will use the proceeds of the Series C funding to further strengthen its technological and analytics capabilities. It also aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.
Aligned with the Government of India's agenda of building financial inclusion, Lendingkart Finance is working towards ensuring availability of credit for small and micro enterprises across the country that currently do not have access to credit or are capital deficient.
Lendingkart uses in-house technology tools based on Big Data analytics and machine learning algorithms to evaluate creditworthiness.
''We are excited to have Fullerton Financial Holdings join us on our growth journey. We are pleased to collaborate with Fullerton as they bring deep domain experience in the rapidly growing financial services space in India and globally. We look forward to leveraging their insights as we build a leading platform for digital lending in India. We would also like to thank our existing investors for continuing to support us in our growth journey,'' Harshvardhan Lunia, co-founder & CEO of Lendingkart Technologies, said.