Digital lending platform Lendingkart has raised about $10 million in Series A funding from Saama Capital and Mayfield Fund.
Lendingkart helps entrepreneurs and small businesses with working capital finances. Loans ranging from Rs 1 lakh to Rs 40 lakh are sanctioned in a day and disbursed within two days.
The startup plans to use the funds to further build its technology platform, AI Big Data Scoring System and to expand its team.
The company owns a registered Non-Banking Financial Company (NBFC) to comply with RBI regulations.
Shailesh Mehta and Ashvin Chadha also participated in the Series A round with an investment of $3 million.
For entrepreneurs and businesses looking for short terms borrowing, the application process is fully online, takes just 15 minutes and the documentation required is minimal.
Further, the platform doesn’t require borrowers to supply collaterals or net worth details in order to get a loan. Disbursement through affiliate lenders is done in just 3 days at fair interest rates.