Bertelsmann India Investments has led a $32m Series B round in Indian lending platform Lendingkart Group.
Darrin Capital Management also participated in the round, along with existing investors Mayfield India, Saama Capital and India Quotient.
The funding was divided into two parts, with $20m as equity and $12m as debt.
Bangalore-based Lendingkart has now raised a total of $42m to date according to Crunchbase.
The lending platform said it will use the new capital to strengthen its data science capabilities, enhance its technology platform and improve its mobile capabilities.
Lendingkart co-founder & COO Mukul Sachan said, “Customer is at the core of what we do. We believe in providing simple, instant and flexible financing solutions to our borrowers. Using web and smartphones, customers can apply for a loan at their convenience.
“Our proprietary algorithms use over 2200 variables to assess the applicant’s creditworthiness. With funds being transferred in as less as 24 hours, credit on demand is becoming a reality.”
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