India-based online lending platform Lendingkart is raising $50m to $80m in a series C round and has secured a first close at $10.5m backed by conglomerate Sistema, the Economic Times wrote today.
Bertelsmann India Investments, a corporate venturing subsidiary of media conglomerate Bertelsmann, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management also took part. Sistema participated through its investment vehicle Sistema Asia Fund.
Other investors in the first tranche have not been named, with the report only referring to the fact it was largely supplied by internal backers.
The company hopes to achieve a final close within four to six months, with Sistema set to return for the second tranche.
Lendingkart operates a platform that allows small and medium-sized enterprises to apply for short-term loans online. The cash is provided by the company’s affiliated lenders within three working days.
The series C round will help Lendingkart boost its loan book and further develop its technology, particularly the company’s mobile offering.
Bertelsmann India Investments previously backed a $32m series B round in June 2016, made up of $20m in equity and $12m in debt financing. Darrin, Mayfield, Saama and India Quotient also participated in that transaction.
Saama, Mayfield and angel investors Ashvin Chadha and Shailesh Mehta previously injected $10m in series A capital in 2015. Lendingkart had earlier secured an undisclosed amount of seed funding from India Quotient and private backer Ashish Goenka.
Dhruv Kapoor, managing director of Sistema Asia Fund Advisory, said: “Lendingkart’s data science-driven approach and contact-less distribution model is the answer to the needs of the SME sector overlooked by traditional banking infrastructure.
“We are privileged to join a world-class team and an esteemed group of investors in fostering our collective vision of financial and digital inclusion.”