PE Fund Investments
Fintech SaaS firm co Lentra AI raises $60-M
Pune-based cloud-based lending software provider Lentra AI has raised USD 60 million in fresh funding led by existing investors Bessemer Venture Partners and the Susquehanna International Group (SIG). Citi Ventures also participated in the round. Lentra is a Software-as-a-Service (SaaS) provider that helps banks and credit financial institutions to further digitise credit disbursals and help them in various aspects of loan servicing, including know-your-customer (KYC) compliance, servicing and collections. The company will use the primary capital raised to expand into international markets, for acquisitions and for product enhancement. The company is expected to enter Indonesia, Vietnam and the Philippines by March next year and have an international presence across five geographies outside India by the end of 2023. It will also focus on acquisitions to improve its data and statistical engines, as well as add payment processing capabilities to improve collections on its stack. Meanwhile, publicly listed HDFC Bank - an existing stakeholder in Lentra AI - is to sell a 3.21% stake for nearly INR 54.16 crore. Upon completion of the transaction, HDFC Bank's shareholding in Lentra will be around 6.61% on a fully diluted basis. For FY22, Lentra's turnover was around INR 71.53 crore and losses were at INR 51.99 crore.
From the Venture Intelligence PE-VC Deal Database: In Nov-19, Lentra AI had raised USD 16.44 M from Besemmer and SIG. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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