Online financing platform for SMEs Lendingkart raises $10M from Saama, Mayfield & others
Lendingkart Technologies Pvt Ltd. which owns and operates online financing portal for entrepreneurs and small businesses Lendingkart.com, has raised $10 million (Rs 63.5 crore) in Series A round co-led by Saama Capital and Mayfield, the company said in a press release.
Existing investors Shailesh Mehta and Ashvin Chadha also participated in the round, providing debt and equity of $3 million together.
The company will use the funding to build a stronger technology platform, artificially-intelligent Big Data Scoring System and to hire people.
Founded in 2014, by Harshvardhan Lunia and Mukul Sachan, Lendingkart provides working capital loans to entrepreneurs for their business. The company is based out of Ahmedabad and Bangalore and serves throughout India.
Lunia, a CA by education, founded Domestic Finance & Investment Pvt Ltd, a company involved in designing and arranging credit solutions for small & medium sized enterprises in India, before founding Lendingkart. Prior to that, he worked with ICICI Bank, Standard Chartered Bank and HDFC Bank.
Sachan, the co-founder and COO of the company, has worked with companies like Iebua, Futures First Info Services Pvt Ltd, BSNL etc in past.
In January this year, the company raised Rs 3.8 crore from Ashish Goenka (member of Mumbai Angles), Rhythm Ventures Ltd., Saama Capital, India Quotient, Ashvin Chadha (member of Indian Angel Networks), Sandip Chintawar and Shailesh Mehta in a seed round.
For early-stage venture capital firm Mayfield, this is the sixth investment by the company this year, according to VCCEdge, a research platform of VCCircle. The others investments include companies like Rancher Labs, Crenovative Ideas, TripHobo, Simplilearn Solutions and Poncho Hospitality.