SME lending platform Lendingkart has reportedly raised a total of INR 319.2 Crore ($42.1m) in its Series D round, after closing a new extension investment.
The round was backed by Fullerton Financial Holdings Pte Ltd, Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient, according to a report from LiveMint.
Lendingkart previously secured INR 233 Crore ($30m) in its initial Series D round back in August 2019 and has now secured an additional INR 86.2 Crore (12m), the article stated.
With the fresh funds, the FinTech plans to bolster its technological and lending capabilities, and reach more small businesses, it said. Capital will also be used to increase the platform’s lending base.
Lendingkart is an online lending platform which supports Indian small and medium-sized business which cannot access traditional lines of credit.
The platform leverages big data analytics and machine learning algorithms to measure a customer’s credit score. Its platform assesses financial health, comparative market performance, social reliability and compliance.
The Series D round is still smaller than its Series C, which closed back in 2018 on $87m.
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