Lendingkart Technologies Pvt. Ltd said on Friday it has raised another Rs 21 crore ($2.9 million) from existing investor Sistema Asia Fund, an investment vehicle of the Russian conglomerate.
The infusion takes the total funding in the Series D round to Rs 233 crore so far, Lendingkart said in a statement.
The digital lender said it will use the fresh capital to expand its lending base and boost its technology and analytics capabilities.
Last week, Lendingkart said it had raised 212 crore ($30 million) in its Series D round of funding from other existing investors such as Singapore’s Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient.
“The latest funding round, with the help of the existing partners, has signalled a strong support and trust in Lendingkart’s vision of financial inclusion and digital accessibility for everyone," said Harshvardhan Lunia, co-founder and managing director of Lendingkart.
Dhruv Kapoor, partner, Sistema Asia Capital, said that Lendingkart continues "to grow and perform impressively across all metrics" even during these challenging times.
With the investment from Sistema Asia Capital, the total equity funding Lendingkart has raised stands at $146 million, it said.
Lendingkart had 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 had also participated in the round, namely, Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient and Saama Capital.
Earlier in June, Lendingkart raised Rs 80 crore from Alteria Capital in one of the biggest venture debt fundings to an Indian startup.
Lendingkart Group was founded in 2014 by Lunia and Mukul Sachan. It operates two entities – Lendingkart Technologies Pvt. Ltd and Lendingkart Finance, which was formerly known as Aadri Infin Ltd.
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 investor GrowX Ventures.