India-based fintech firm Lendingkart Technologies has raked in INR3.19bn ($42.1m) Series D equity funding round for further expansion of its business.
The funding round was led by the company’s existing investors Fullerton Financial Holdings, Bertelsmann India Investments, Sistema Asia Fund, and IndiaQuotient.
The latest funding round brings the total funding round raised by the company till date to INR10.50bn ($138.8m).
The fintech firm will use the fresh capital to expand its lending base for micro, small and medium (MSMEs) enterprises, amid the on-going Covid-19 crisis.
Apart from this, Lendingkart will also use the funds to strengthen its technological and analytics capabilities.
Lendingkart Technologies co-founder and managing director Harshvardhan Lunia said: “The outbreak of Covid-19 and the resultant slowdown has had a tremendous impact on the economy.
“During these unprecedented times, MSMEs who are the backbone of the economy has significantly suffered grappling with varied economic uncertainties.
“The fresh round of funding will play a pivotal role in aiding us to help these impacted MSMEs to ensure business continuity amidst the on-going crisis.”
Founded in 2014, Lendingkart has offices in Ahmedabad, Bangalore, Mumbai, Delhi and Kolkata.
It offers working capital loans and business loans to MSMEs and is said to have catered to 89,000 MSMEs across 1300 cities in the country.