India-based Lendingkart Finance has reportedly received $10m in debt financing
The funding came from firms including Kotak Mahindra Bank, Aditya Birla Financial Services, Tata Capital, among other investors, according to various reports in the media.
LendingKart provides online loans to SMEs across India which are unable to gain access to traditional capital avenues. The platform’s machine learning algorithm scores a company’s financial health, market performance and its compliance, to determine the loan.
Earlier this year the company raised $7.7m funding from YES BANK to help build its platform and expand its operations to SMEs operating in tier three and below cities.
The total funding into the company has now reached around $64m, with the company’s Series B picking up $32m last year.
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