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Lendingkart Group raises $10.5 million in equity funding

Lendingkart Finance Limited has raised $10.51 million (~Rs 70 Crore) in form equity funding from investors including Singapore-based Sistema Asia Fund along with participation from current investors—Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management. The lending firm plans to use the fresh funds for increasing their loan book and strengthening its technology & analytical capabilities. Note that Lendingkart operates a non-banking finance company (NBFC) and as we pointed out before, it is common for lending companies to raise debt funding to replenish their loan books. With this fresh funding, the company claims to have raised a total funding of INR 534 crore (~$83.28 million) of which equity funding includes Rs 243 crore and debt funding of Rs 291 crore. Lendingkart provides loans ranging from Rs 1 lakh to Rs 40 lakh on its platform and claims to sanctioned them in a day and disbursed within three days. The loans attract an interest rate of 16-24%. It adds that it requires minimum documentation, especially for e-commerce vendors, and businesses and sellers are not required to provide collateral or net worth details. The company claims it has approved over 11,000 loans to more than 10,000 SMEs till date. Lendingkart has tie-ups with CCAvenue, Paytm, Craftsvilla and Flipkart to provide merchants of these platforms financial assistance via loans. The company says it uses in-house technology tools based on big data analytics and machine learning algorithms to evaluate its client’s creditworthiness. About 5,000 data variables are assessed to determine factors like financial health, comparative market performance, social reliability and…

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