Lendingkart Finance has raised INR 70 crores ($10.5m) in equity funding from Sistema Asia Fund.
The company says it aims to make working capital finance available to entrepreneurs by making it convenient for Indian SMEs to access credit easily.
Sistema Asia Fund is a venture capital fund of Russian conglomerate Sistema. The firm was joined by Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management also participated in the funding round.
Landingkart said it would use the newly-raised financing to increase its loan book, strengthen its technology and analytics capabilities and expand its presence in Indian underserved markets.
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