Digital lending platform Lendingkart has raised Rs 300 crore in a non-convertible debentures (NCD) round led by Aditya Birla Sun Life AMC along with another entity.
Aditya Birla Sun Life AMC has infused Rs 150 crore with another mutual fund company, who did not wish to disclose its name has pumped in the similar amount.
The maiden NCD transaction with mutual funds for the Ahmedabad-based firm comes after raising $87 million Series C round in February, this year from Temasek-owned Fullerton Financial Holdings.
The fintech firm will use the capital infused to increase its loan book and finance more MSMEs, reports ET.
Founded in 2014 by Harshavardhan Lunia and Mukul Sachan, Lendingkart uses technology tools based on big data analytics and machine learning algorithms to evaluate creditworthiness. The company provides collateral-free working capital loans ranging from Rs 1 lakh to Rs 40 lakh to small business.
With an average loan ticket size of Rs 5-6 lakhs, Lendingkart Finance claims to have disbursed over 28,000 loans to more than 21,000 MSMEs across 26 diverse sectors.
Unlike other lending platforms, the company claims to be profitable without revealing any financial details. Further, it aims to disburse 30,000 loans in FY18-19, totalling Rs 2,000 crore and expects 20,000 new MSMEs to be added to its platform in the current fiscal.
So far, the company has received over $250 million, including equity and debt. Apart from the last round (Series C), it raised Rs 30 crore in January 2018, Rs 25 crore debt round by State Bank of India in December 2017 and Rs 162 crore in funding between August to September 2017.