[India], Feb 12 (ANI): Lendingkart Technologies Private Limited (a Lendingkart Group Company), announced that it is raising over Rs. 565 crore equity funding in its Series C capital-raising to further strengthen its technological and analytics capabilities, expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.
The round is being led by Singapore's Fullerton Financial Holdings Pte Ltd ("FFH"), along with participation from existing investors.
With this new round of funding, Lendingkart Group's cumulative equity and debt raising will exceed Rs. 1,129 crores.
"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," said Harshvardhan Lunia, co-founder and CEO of Lendingkart Technologies.
Lendingkart Group 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, has 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.
Aligned with the government'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 robust in-house technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. Thousands of data points are used to assess factors like financial health, comparative market performance, social reliability and compliance. Once the evaluation process is completed, most of the successful loan applicants receive their loans within 72 hours.
Lendingkart has expanded its operations pan India and offers quick and easy loans with minimal paperwork. (ANI)