Existing investors Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient funded the round. The five-year-old, Bangalore-based startup has raised USD 143 million to date.
Lendingkart Finance has issued over 60,000 loans to more than 55,000 small and medium-sized enterprises in 1,300 cities across India. In a statement, the startup said it would use the fresh capital to widen its lending range and find new clients. It also wants to refine and bulk up its product offering.
Lendingkart competes with businesses including Gurgaon-based Indifi, which raised USD 21 million earlier this week, Bangalore-based Zest Money, Five Star Finance, Capital Float and, in some capacity, Drip Capital, which recently raised USD 25 million.
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