Temasek backed Fullerton acquires majority stake in Lendingkart
An affiliate company of Fullerton Financial Holdings (FFH), backed by Temasek, has acquired a majority stake in MSME-focused fintech Lendingkart, following regulatory approval from the Reserve Bank of India (RBI), Lendingkart said in a statement.
“As part of the Series E fundraise, Fullerton has infused a total of ₹252 Crores, which will enable Lendingkart Group to scale its reach, enhance its technology-driven credit underwriting processes, strengthen its risk mitigation systems, and lower the cost of funds for small business owners,” it said.
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Founded by Harshvardhan Lunia, Lendingkart group is financed by investors including Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, among others, raising around ₹1,050 crore in equity till date.
In October last year, ETtech had reported that Lendingkart was in talks with Fullerton for an internal funding round at a major valuation cut. The fintech was reportedly in the market for an equity funding round for a year but none of its deals were being materialised. In today’s statement, Lendingkart did not disclose the valuation at which the company raised fresh funds.
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