Lendingkart Technologies Pvt. Ltd said on Friday it has raised Rs 212 crore ($30 million) in its Series D round of funding.
Existing investors such as Singapore’s Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient participated in the funding round, the digital lender said in a statement.
The round takes the total equity capital Lendingkart has raised thus far to $143 million, it added.
The company said it will use the funds to grow lending, expand its footprint, and upgrade its technological and analytics capabilities.
Lendingkart had last raised equity funding in February 2018. It had received Rs 565 crore ($87 million) in a Series C round of funding led by Fullerton. Other existing investors Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient and Saama Capital had also participated in the round.
Earlier in June, Lendingkart raised Rs 80 crore from Alteria Capital in one of the biggest venture debt funding to an Indian startup.
Lendingkart Group was founded in 2014 by Harshvardhan Lunia and Mukul Sachan. It operates two entities – Lendingkart Technologies Pvt. Ltd and Lendingkart Finance, which was formerly known as Aadri Infin Ltd.
The fresh funding in Lendingkart comes at a time when investors have been cautious in providing capital to lending startups in view of the liquidity crunch faced by non-banking finance companies (NBFCs) triggered by the IL&FS crisis last year.
However, some argue that this is the right time for investors to get into the segment and notwithstanding the fallout of the IL&FS crisis. Other digital lending startups have been getting funding, too.
In April, ZestMoney raised $20 million in a Series B round led by venture capital firm Quona Capital while Progcap, which provides debt to micro and small businesses, raised $1 million in a round led by early-stage investment firm GrowX Ventures.
