Lendingkart, a fintech startup, based out of Ahmedabad, has secured $2.95 million (approx ₹20 crore) in a fresh equity round from Sistema Asia Fund.
The platform will use the infused capital to expand the lending base, build technology and strengthen analytics capabilities. Also, the total equity raised by the company after this round reached $146 million.
Dhruv Kapoor, partner, Sistema Asia Capital said, “Harsh and team continue to impress us with their energy, passion and tenacity in scaling Lendingkart to greater heights. Even during these challenging times, Lendingkart continues to grow and perform impressively across all metrics and we are privileged to partner with the company in their journey.”
Lendingkart was founded by an ex-banker Harshvardhan Lunia, along with former ISRO scientist Mukul Sachan in 2014. It provides a digital lending platform that offers loans for SMEs in India to grow their business
It uses technology and analytics tools, to access the creditworthiness of small businesses quickly and accurately by analyzing thousands of data points across various data sources.
According to BCG and Google in 2018, 23 per cent of consumers in India have availed of retail loans digitally. They further figured out that SME loans and personal loans have the highest digital influence as well as purchase rate.
These insights address an interesting trait of the consumer behaviour of the digital lending landscape in India.
While, other startups in the similar space include Capital Float, NeoGrowth, India Lends and among others.