As India continues its race to undertake digital funds at a tempo and scale seen not often worldwide, the nation’s startups are shortly constructing options to carry monetary companies to companies. And they’re attracting important capital from native buyers and international giants to scale their ambitions.
Lendingkart, one of many many startups within the nation that’s serving to micro, small and medium-sized enterprises entry working capital, has raised $30 million as a part of its Series D financing spherical, it mentioned on Friday. Existing buyers Fullerton Financial Holdings, Bertelsmann India Investments, and India Quotient funded the spherical. The five-year-old, Bangalore-based startup has raised $143 million so far.
Lendingkart Finance has issued over 60,000 loans to greater than 55,000 small and medium-sized enterprises in 1,300 cities throughout India. In an announcement, the startup mentioned it could use the contemporary capital to widen its lending vary and discover new shoppers. It additionally desires to refine and bulk up its product providing.
Like in different growing markets, many companies in India, together with those that are working within the exporting area, have to attend for days earlier than they receives a commission from their earlier shoppers. This creates an immense problem for a lot of who don’t have any financial savings. Their choices are severely restricted as conventional banks discover them too dangerous to lend cash.
“Micro and small businesses represent a vibrant yet underserved segment of the Indian economy. The support of all of our customers, investors and employees is empowering us to build the leading financial services platform for this segment,” mentioned Harshvardhan Lunia, Cofounder and Managing Director of Lendingkart.
Lendingkart competes with a handful of companies, together with Gurgaon-based Indifi, which raised $21 million earlier this week, Bangalore-based Zest Money, Five Star Finance, Capital Float and, in some capability, Drip Capital, which lately raised $25 million.
