Lendingkart Group Grabs Rs. 205 Crores from Bertelsmann India Investments
Date: Thursday , June 30, 2016
Lendingkart Group, an Indian digital lending platform for SMEs, secures Rs.205 crores in series B funding led by Bertelsmann India Investments (BII). The other investors who participated in the round were Darrin Capital Management, Mayfield India, Saama Capital and India Quotient. The company will utilize the recent capital to enhance its technology platform and infrastructure for improved mobile capabilities and to strengthen its data science capabilities.
\"We are excited to partner with Lendingkart Group to build the next generation lending company in India and we believe lending is a large market which will see a lot of innovation. Lendingkart is a strong example of such innovation where technology and data can provide monetary access to the remote corners of India,\" comments Pankaj Makkar, Managing Director, BII.
Headquartered in Ahmedabad, Lendingkart is an online financing firm founded by Harshvardhan Lunia (Co-Founder & CEO) and Mukul Sachan (Co-Founder & COO) in 2014 to assist small businesses and entrepreneurs with working capital loans. The company has a bunch of data scientists, bankers and financial analysts who work to bring a change in the way small businesses are handled in the nation. Last year, Lendingkart had raised $10 million in series A funding from four investors namely Saama Capital, Ashvin Chada, Shailesh Mehta and Mayfield Fund.
\"Our investors share our vision and have been instrumental in our growth journey. With Bertelsmann onboard, we look forward to leveraging its deep understanding of global financial products as well as Internet Businesses. Bertelsmann brings a fresh perspective on digital distribution and data driven risk assessment which will help us in becoming the leading lending platform for SMEs in India,\" concludes Harshvardhan.