Lendingkart Finance to raise Rs 18 crore from Alteria Capital in debt and equity.
Lendingkart Group is targeting to reach its the approach towards more than 1,200 cities across India.
Till now Lendingkart Finance has disbursed more than 28,000 loans to more than 21,000 MSMEs across 26 diverse sectors.
Non-deposit-taking NBFC Lendingkart Finance that has a record of raising funds in mix round of debt and equity is now going to raise another Rs 18 crore from Alteria Capital. Out of Rs. 18 Crore funds 8 Crore will be put through equity and rest will be transferred through debt. Till now it has received over $250 million in equity and debt.
In July previous year it has raised Rs 300 crore in debt funding. The funding round was led by Aditya Birla Sun Life AMC. Out of Rs. 300 Crore Aditya Birla Sun Life infused Rs 150 crore in the firm, while the other Rs 150 crore was funded by several other mutual funds giant. Lendingkart used those funds to finance a greater number of MSMEs and enhancing the loan book.
LendingKart Finance Ltd is a sister concern to fintech startup LendingKart Technologies Pvt. Ltd. and both are arms of market giant Lendingkart Group. LendingKart Technologies Pvt. Ltd. raised $87 Million from Singapore’s Fullerton Financial Holdings Pte Ltd (FFH), a subsidiary of Temasek Holdings in its series C funding round in January 2018. Lendingkart Group is targeting to reach its the approach towards more than 1,200 cities across India. Till now Lendingkart Finance has disbursed more than 28,000 loans to more than 21,000 MSMEs across 26 diverse sectors.
Lendingkart makes use of more than 10,000 data variables to determine factors including comparative market performance, financial health, compliance as well as social reliability. Once the company is done with the evaluation process, the loan amount is disbursed to the deserving borrower under a time span of 72 hours from the time of application. In the Financial year 2018-19, the firm is looking to build its loan book to Rs 2,500 crore. The company also says to have disbursed approx 20,000 loans across 950 cities till now. This equated to a customer base of 13,000 SMEs.
In 2018 Lendingkart’s competitor Bengaluru-based Capital Float too got a funding of $22 million in equity funding from e-commerce behemoth Amazon Inc. With this fund, Capital Float closed its Series-C funding round at total money raised to $67 million.
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