Bertelsmann India Investment, Mayfield India, Saama Capital, India Quotient and Darrin Capital Management also invested in the latest round.

Sistema Asia Fund Advisory is the Asia-focused fund of Moscow-based Sistema, a business group dedicated to telecommunications, retail and pharmaceuticals, among other sectors. The fund is also an investor in Indian startups Seclore, Qwikcilver and Wooplr.

According to a report by The Economic Times on September 6, Lendingkart is in talks to raise between $ 50 million and $ 80 million in Series C funds.

Lendingkart had raised $ 32 million in Series B funds led by Betelsmann India in June of last year.

“We are excited to have Sistema Asia Fund on board and look forward to continuing to build our relationships with existing investors who continue to bring new perspectives and strategic insights into current and future market dynamics,” said Harshvardhan Lunia, Co-Founder and Director. Lendingkart executive.

The company said it will use the funds to increase its loan portfolio and invest in expanding technology and analytical capabilities.

Lendingkart Technologies, together with its NBFC division, Lendingkart Finance, offers unsecured loans to SMEs (small and medium-sized businesses) for working capital and other requirements. It collects money from banks and other NBFCs and re-lends it to customers using proprietary credit underwriting technology.

“It is encouraging to witness the exponential rate at which Lendingkart Technologies is escalating and solving a fundamental problem that plagues small businesses in the country. Lendingkart’s data science-driven approach and contactless distribution model is the answer to the needs of the SME sector overlooked by traditional banking infrastructure, “said Dhruv Kapoor, Managing Director of Sistema Asia Fund.

The latest round brings the total funding raised by the company to Rs534 crore, which includes the capital injection of Rs243 crore and as much as Rs291 crore of bank and NBFC debt.

Lendingkart was founded in 2014 by Lunia and Mukul Sachan. The company claims to have disbursed loans to more than 10,000 borrowers.