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Fintech Startup Lendingkart Raises $ 10.74 Million In Bridge Round
Lendingkart’s technology and digital marketing arm Lendingkart Technologies Pvt., Ltd., has raised $ 10.74 million (RS. 69.02 crores) in a mini bridge round.
The Ahmedabad and Bengaluru based fintech issued 3,294 preferential shares at Rs. 29,634 apiece, mainly to existing investors, according to recent filings with the Ministry of Corporate Affairs (MCA.) VCCircle reported Bertelsmann India led the bridge round with a Rs. 22.75 crores investment. Mayfield Capital, Saama Capital, Darrin Capital and India Quotient also participated in this round, investing Rs. 13.77 crores, Rs. 7.14 crores, Rs. 2.6 crores and Rs. 3.25 crores respectively. Along with existing investors, new investor Sistema Asia Fund Pte, which is a Singapore registered Asia focused investment fund of the Russian business conglomerate Sistema, also invested Rs. 19.49 crores.
The Company, in a press note, said the capital will be used to strengthen their loan book and ramp up their technology and analytics capabilities. The capital will also be used to reach out to the underserved markets of India. Founded in 2014 by Harshvardhan Lunia and Mukul Sachan, Lendingkart has previously raised $ 7.8 million in debt from YesBank to strengthen their loan books and expand operations to Tier III cities. They also raised $10 million in debt funding from Kotak Mahindra Bank and Aditya Birla Financial Services, among others, last month. The company claims to have disbursed over 11,000 loans to over 7,500 SMEs till date and boasts of disbursing loans within three days.
Lendingkart has raised a total capital of Rs. 534 crores since its launch with Rs. 243 crores in equity and Rs. 291 crores in debt. The documents filed with the MCA also revealed that the conversion price of the preferential shares is subject to change, contingent to the fund raising by the stated deadline. VCCircle also reported Lendingkart was also in the process of raising a Series C funding round while another news daily reported the company was looking to raise up to $ 80 million over the next four to six months.
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