LendingKart’s NBFC arm has raised around ₹162 crore ($25 million) through a mix of debt and equity funding, reports VCCircle.
The report suggests that the company had raised funding somewhere between August and September this year, that too in multiple tranches from financial institutions and NBFCs.
Participating entities in this new funding round includes IFMR Capital, Capital First, Tata Capital Financial Services Ltd (TCFSl) and Manappuram Finance Ltd.
Out of the said ₹162 crore funding round, the NBFC also received ₹60 crore ($9.2 million) from its technology and digital marketing arm, Lendingkart Technologies Pvt Ltd through debt (₹20 crore) and equity infusion (₹40 crore).
Last month, the Ahmedabad and Bangalore-based fin-tech startup had raised around ₹70 crore from from Sistema Asia Fund, along with existing investors Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management.
Prior to that, in August this year, it received ₹67 crore in debt funding from Kotak Mahindra Bank, Aditya Birla Financial Services, Tata Capital and a few other financial institutions.
Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, LendingKart Group operates two entities – Lendingkart Technologies Pvt. Ltd and Lendingkart Finance.
The company provides collateral-free working capital loans ranging from ₹50,000 to ₹10 lakh to small businesses. It also claims to have facilitated disbursement of 12,000 loans across more than 700 cities in India.