wordpress blog stats
Connect with us

Hi, what are you looking for?

Lendingkart raises $32 million from Bertelsmann India Investments and others

piggy bank

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 via loans.

Advertisement. Scroll to continue reading.

Competition

– Last month, Capital Float raised $25 million in a series B round of funding led by Creation Investments Capital Management, LLC, with significant participation from existing investors SAIF Partners, Sequoia India, and Aspada.

– In April online credit management service CreditMantri raised Series A funding worth $2.5 million from IDG Ventures, Elevar Equity and Accion Venture Lab. CreditMantri was to use the funds for platform development, hiring and build a user base. CreditMantri was founded by R Sudarshan, Gowri Mukherjee and Punja in 2012.

– In the same month, ecommerce marketplace ShopClues launched a financing platform for its vendors called Capital Wings, in order to help them raise funds to expand their business online. The company partnered with digital SME finance company Capital Float to offer working capital loans to small and medium businesses at low interest rates and without any collateral.

-In June 2015, Amazon said it would extend its business loan programme to small sellers in India and seven other countries by the end of this year.

-In the same month, as part of its trade facilitation centre (TFC), Chinese ecommerce player Alibaba tied-up with ICICI Bank to provide trade finance and with certification company SGS to provide credit checks and inspections for the TFC.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

News

Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ