Sunday, April 14, 2024
Outlook India
Outlook Business

Lentra Raises $27 Million In Extended Series B Round

The start-up extended its operations in multiple countries like Vietnam, the Philippines, Indonesia and the US by setting up subsidiaries

Lentra Raises $27 Million In Extended Series B Round
D Venkatesh, founder and chief executive officer of Lentra
POSTED ON June 08, 2023 10:09 AM

Mumbai-based Lentra, a cloud lending platform in India has raised $27 million in its extended Series B funding round. It was led by MUFG Bank and Dharana Capital. 

The software-as-a-service (SaaS) platform raised $600 million last November from investors like Bessemer Venture Partners and SIG Venture Capital. Citi Ventures also participated in that round. 

The start-up extended its service in multiple countries like Vietnam, the Philippines, Indonesia and the US by setting up subsidiaries. It recently launched its loan management system called 1LMS, which claims to help lenders to fulfill their needs of borrowing at an accelerated speed. 

MUFG Bank, through its Ganesha investment fund for Indian start-ups, has invested in Lentra. This deal marks the first joint investment by the bank and MUFG Innovation Partners Co. Ltd (MUIP), a corporate venture capital under the MUFG Group. The collaboration aims to support Lentra in exploring synergies within the Group, including its strategic partner banks in Southeast Asia.
Shashank Joshi, Deputy CEO of MUFG India, said “This is a testimony to Lentra’s status as the leading Enterprise SaaS (Software as a Service) Platform and the transformational role it stands to play in the evolving digital lending landscape. This partnership affirms our commitment to being at the forefront of supporting digital innovation in India and its expansion to other geographies.”
D Venkatesh, Founder & CEO, Lentra, “We have been scaling at a fast pace and this extended round is a strategic step towards fueling our ambition of empowering lenders globally. We are very excited that MUFG Bank and Dharana Capital are getting added to our cap table alongside our existing marquee investors like BVP, Citi, HDFC and SIG.”

  • Related Articles

    Post this fundraising round, Alex Salazar, the partner of Neotribe will join RevSure’s board of directors

    RevSure.AI Closes $10 Million Seed Round Co-Led by Neotribe Ventures And Innovation Endeavors

    The fund will invest in scalable innovation primarily across climate and sustainability, food and agriculture, healthcare, and additionally in education and fintech sectors

    AWE Funds Secures $15 Million Commitment In First Close Of Maiden Fund

    The food start-up will utilise the newly-generated capital in marketing, product expansion, and retail distribution to achieve a 5X growth in net revenues in FY 24

    Shilpa Shetty-Backed WickedGud Raises Rs 2 Crore Funding From GetVantage