India-based online lending platform Lendingkart Technologies has closed an $87m in a Series C equity round.
The round was led by Singapore-based Fullerton Financial Holdings, alongside participation from existing investors.
Lendingkart is an online lending platform for small and mid-sized businesses in India that do not have access to traditional credit.
The company utilises big data analytics and machine learning algorithms to measure a consumer’s credit score. Financial health, comparative market performance, social reliability, and compliance are some of the data factors taken in to account.
Since its launch, the company has disbursed more than 20,000 loans across 950 cities, helping 13,000 SMEs develop their businesses.
Equity from the investment will be used to grow the company’s technological and analytical capabilities. Lendingkart also hopes to increase its credit product offerings to reach small businesses and undeserved micro-enterprises.
Fullerton Financial Holdings CEO GAN Chee Yen said, “Today, we are witnessing the rapid advancement and adoption of technological innovation in India.
“We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India.â€
Following this latest capital injection, the total funding of the entire Lendingkart Group is $173m.
Last year, Lendingkart received a range of different funding rounds, with its most recent coming in October. The $24.9m investment was made up of both debt and equity and was supplied by investors including IFMR Capital and Tata Capital, among others.
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