To strengthen its multiple business activities, including statistical engines and payment process capabilities, Lentra will spend a part of this fresh capital for business acquisition
Software-as-a-service (SaaS) platform Lentra raised $60 million from several investors including Bessemer Venture Partner and Susquehanna International Group (SIG) Venture Capital in a fresh funding round. Corporate venture capital arm Citi Ventures also participated in the investment round.
Lentra will use the investment for product development and foray into new Asian markets, including Vietnam, Indonesia, and the Philippines.
To strengthen its multiple business activities, including statistical engines and payment process capabilities, Lentra will spend a part of this fresh capital on business acquisition. The Pune-based SaaS firm is expected to scout acquisitions in the robotic process automation sector.
“With this fundraise, we have a fairly large war-chest and will look at opportunities to buy out talent as well as to revamp our systems, in a bid to better cater to our customers,” added D Venkatesh, the SaaS company's founder and chief executive officer.
Vishal Gupta, partner at Bessemer Venture Partners said, “Lentra is empowering lenders to fuel the dreams of millions with effective financial inclusion and credit decisioning. We were really impressed with the combination of their technology prowess and the commercial advantage that Lentra is delivering to their clients.”
Founded in 2018, the Pune-based SaaS firm aims to assist banks and other financial institutions and also digitise the credit disbursal process. In FY22, its revenue stood at Rs 80 crore (nearly $10 million). It aims to generate revenue of Rs 180 crore ($22 million) in the next couple of years.