Lendingkart raises Rs 565cr from Fullerton and others

Digital lending startup Lendingkart has secured Rs 565 crore in a Series C round of funding led by Singapore’s Fullerton Financial Holdings. Existing investors Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient, and Saama Capital also participated in the round.

With this new round of funding, Lendingkart group’s total equity and debt funding have gone up to $173 million (Rs 1,129 crore). The funds from the current round will enable the company to strengthen its technology and analytics capabilities. The group also aims to expand its credit product offerings to small enterprises especially among underserved micro enterprises.

"We plan to use the funds to expand our loan book considerably and also use it to strengthen our technology platform in order to be able to cater to a larger clientele," said Harshvardhan Lunia, co-founder of Lendingkart Technologies.

The Ahmedabad-based startup lends exclusively to micro, small and medium enterprises. Its investors include Bertelsmann India Investment, Darrin Capital Management, Sistema Asia Fund and India Quotient, among others.

As part of the transaction, Lendingkart Group has also signed a memorandum of understanding with Fullerton India Capital Company, a wholly-owned subsidiary of Fullerton, regarding possible opportunities and initiatives to support their respective businesses.