Digital lending startup Lendingkart is planning to raise $50-80 million in its Series-C round. The company has also bought a new investor Sistema Asia Fund in this round, who will also invest a larger round and is expected to close in four to six months.
Lendingkart appoints Credit Suisse as the investment banker
Lendingkart is additionally in talks to raise up to $80 million and has designated Credit Suisse as the venture financier for the round, according to two sources mindful of the advancements. Existing financial specialists Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management drove the most recent round. This conveys the organization’s aggregate raise support to Rs 243 crore in value. Lendingkart has likewise raised a lot of obligation subsidizing of Rs 291 crore.
Lendingkart will use these funds to increase their loan book and strengthen its technology and analytics capabilities.
“The capital will be used to increase the number of loans and to boost the mobile platform,” Lendingkart CEO Harshvardhan Lunia said.
Capital Float raised Rs 293 crore in its Series-C round
Another digital lending player Capital Float has raised Rs 293 crore from US-based fintech investor Ribbit Capital along with existing investor Sequoia Capital, SAIF Partners and Creation Investments.
The digital-lending space has seen steady funding as of late. In June, loaning startup MoneyTap raised $9 million from Sequioa India, while in May, Pay Sense, a startup that runs an advanced credit stage, raised $5.3 million from Jungle Venture Partners.
Lendingkart had last month raised debt funding of $10 million from Kotak Mahindra Bank, Aditya Birla Financial Services, Tata Capital and a few other financial institutions.