India-based Lendingkart Finance has reportedly secured a $24.9m from a mix of debt and equity.
Investment to the round came from firms including IFMR Capital, Capital First, Tata Capital Financial Services and Manappuram Finance, among others, according to a report by VCCircle which cites a company spokesperson. Of the funding, $9.2m was supplied to Lendingkart technology division, it said.
The company is an online loan provider for small and mid-sized businesses within India, that do not have access to traditional credit. Its machine learning algorithm evaluates companies to determine their financial health, comparative market performance and social reliability & compliance.
Lendingkart has seen a host of funding rounds over the past year, with the company bagging a $10.5m equity investment from Sistema in September. The investment was to help support the growth of its loan book.
The investment came hot off the heels of its $10m debt financing from a host of backers including Kotak Mahindra Bank and Tata Capital, which it raised in August. The company also received a $7.7m investment round from YES BANK in June of this year, to also support the scale of its loan book.
Following the latest injection of capital, total equity raised by the company has reached up to $94m.
Last month several other India-based lending platforms received funding, with small ticket business loan provider Ziploan bagging an undisclosed seed round from Matrix Partners India. P2P lending startup LenDen netted a $500,000 commitment to support the growth of its technology and preparation for new regulations.
Indian marketplace lending companies have seen a rise in funding over the year, with Q3 2017 seeing $316m deployed across seven deals. This is contrasted to the opening quarter, which only saw $80m invested into three companies.
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