Lendingkart, Mumbai based financial institution which helps small and medium enterprises with their financial capital requirement, has raised $32 Million (INR 2050 Million) in Series B round. The funding round was led by Betelsmann India with the participation from India Quotient and existing investors such as Mayfield India and Saama Capital.
According to the company, the latest round was a mix of equity and debt funding. Being precise, the company has raised $20 million in equity funding and rest $12 Million in debt.
Lendingkart was founded in 2014 by Mukul Sachan and Harshvardhan Lunia. It provides necessary financial help to meet the working capital requirements to small and medium enterprises. The request for the funds can be initiated through web or mobile platform and once the documentation requirements are fulfilled, the company claims to transfer the amount within 24 hours.
With the raised funds, the company plans to build better technology around the data science as well as build a better mobile platform. Since the launch, Lendingkart has helped businesses in over 135 cities across 22 Indian states. Also, it has registered a month-on-month growth of 20%.
Prior to this, it had raised $10 Million in July 2015. The round saw participation from 4 investors including Saama Capital, Mayfield India and individual investors such as Ashvin Chadha and Shailesh Mehta.