India fintech seeking to raise at least US$87m to grow tech capabilities

AN Indian fintech company is seeking to raise over US$87 million of equity funding to expand its technological and analytics capabilities.

Lendingkart Technologies will be doing so through series C capital-raising, with the initiative led by Singapore's Fullerton Financial Holdings, along with participation from existing investors.

On Tuesday, Lendingkart said that the group also aims to expand its credit product offerings to deepen its reach to small enterprises and "underserved micro enterprises".

With this new round of funding, Lendingkart group's cumulative equity and debt raising will exceed US$173 million.

Gan Chee Yen, CEO of Fullerton Financial Holdings, said: "We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating Big Data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India."

Lendingkart provides lending to small and medium enterprises in India. The company uses technology and analytics tools to process data points from various data sources to assess the creditworthiness of small businesses.

On Tuesday, it was also announced that the group has signed a memorandum of understanding with Fullerton India Capital Company, a wholly owned subsidiary of Fullerton Financial Holdings, to explore opportunities and initiatives to support their respective businesses.