Lendingkart, an online platform for lending to small businesses and entrepreneurs, has raised Rs 205 crore ($32 million) in a series B round of funding led by Bertelsmann India Investments (BII) and Darrin Capital Management. Existing investors – Mayfield India, Saama Capital and India Quotient - also participated in the round. The company said that it has raised $20 million via equity sale and $12 million through debt financing. It did not disclose how much equity it has sold. Lendingkart will use the funds for strengthening its data science capabilities, technology platform and infrastructure for improved mobile capabilities. With this, Lendingkart's total funding stands at Rs 260 crore (~$41 million). The company had raised $10 million in July 2015. Founded by Harshvardhan Lunia and Mukul Sachan last year, Lendingkart had also raised seed funding worth Rs 3.8 crore from Ashish Goenka, Rhythm Ventures, Saama Capital, Ashvin Chadha, Sandip Chintawar, Shailesh Mehta and India Quotient earlier this year. Lendingkart operates as a non-banking finance company (NBFC) and provides loans ranging from Rs 1 lakh to Rs 40 lakh on its platform and claims that they are sanctioned in a day and disbursed in two days. It adds that it requires minimum documentation, especially for ecommerce vendors, and businesses and sellers are not required to provide collateral or net worth details. A Techportal report claims that Lendingkart disburses around 70 short term loans every month, for which it charges around 1.5-2% interest per month. Lendingkart has deals with CCAvenue, Paytm, Craftsvilla and Flipkart to provide merchants of these platforms financial assistance…
