Lendingkart Finance, the non-banking financial institution division of India-based online lender Lendingkart Group, has received Rs1.62bn ($24.9m) in combined equity and debt financing, VCCircle reported yesterday.
The money was supplied over multiple tranches during August and September this year by investors including Tata Capital Financial Services, a subsidiary of conglomerate Tata & Sons.
Sister unit Lendingkart Technologies supplied approximately $6.2m in equity and $3.1m in debt, and the round also included financial services providers IFMR Capital, Capital First and Manappuram Finance.
Lendingkart Finance is one of two entities within Lendingkart Group and acts as the underwriter for loans supplied by the other unit, Lendingkart Technologies, which operates a platform that allows small and medium-sized businesses to apply for short-term credit online.
The round follows $10.5m in series C funding raised by Lendingkart Technologies last month, marking the first tranche of a round expected to close at between $50m and $80m.
The series C round’s initial close was backed by Sistema Asia Fund and Bertelsmann India Investments, investment vehicles for conglomerate Sistema and media company Bertelsmann, as well as Mayfield India, Saama Capital, India Quotient and Darrin Capital Management.