India-based online lending platform Lendingkart closed a $87m series C round today led by asset management firm Fullerton Financial that included diversified conglomerate Sistema and media group Bertelsmann.
Bertelsmann took part in the round’s $10.5m first tranche in September 2017 through its local corporate venturing arm, Bertelsmann India Investments, while Sistema participated through its Sistema Asia Fund.
Mayfield India, Saama Capital, India Quotient, Darrin Capital Management and unnamed, existing shareholders also took part in the 2017 close.
Lendingkart operates an online platform that enables small and medium-sized enterprises to seek short-term loans. The financing, which is provided through Lendingkart’s affiliated lenders, can be secured within three days.
The company relies on big data analytics and machine learning technology to assess a potential borrower’s creditworthiness. It has disbursed more than 20,000 loans to date to a total of more than 13,000 businesses.
The series C funding will go to further development of the platform’s technological and analytical capabilities. Lendingkart also hopes to extend its range of credit products to specifically target small and micro enterprises.
Lendingkart has also signed a memorandum of understanding with Fullerton Financial subsidiary Fullerton India Capital to explore opportunities for collaboration.
Bertelsmann India Investments previously contributed to the company’s $32m series B round in 2016, which consisted of $20m in equity and $12m in debt financing, alongside Darrin, Mayfield India, Saama Capital and India Quotient.
Saama, Mayfield and angel investors Ashvin Chadha and Shailesh Mehta had provided $10m in series A funding for LendingKart in 2015. It had previously raised an undisclosed amount of seed capital from India Quotient and angel investor Ashish Goenka.