Lentra raises $27M in extended Series B round
Bangalore : Lentra, the fastest growing cloud-lending firm, announced raising $27 Million as a part of their extended series B round led by MUFG Bank and Dharana Capital. The software as a service startup had raised $60mn in series-B round on November 22 by its existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
MUFG Bank, through its Ganesha investment fund for Indian start-ups, has invested in Lentra, a leading cloud lending platform that empowers financial institutions and non-banking financial institutions (NBFCs). 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. With this collaboration, both the entities are poised to support Lentra to further explore synergies within the Group, including its strategic partner banks in South-east 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 be at the forefront of supporting digital innovation in India and its expansion to other geographies.”
“We are proud to back Lentra in its mission to become the one-stop ecosystem across the entire lending lifecycle of leading global financial institutions. The Lentra team has scaled the business in a highly capital efficient manner and is well positioned to benefit from the tailwinds of digitization across markets.” added Vamsi Duvvuri, Founder and Managing Partner, Dharana Capital
Having successfully scaled as the fastest growing SaaS, Lending cloud provider in India, Lentra extended its presence to Vietnam, Philippines Indonesia and the US by successfully setting up subsidiaries and accelerating GTM (go to market). Lentra has also successfully completed the launch of its Loan management system called 1LMS that enables lenders to fulfill needs of billions of borrowers at accelerated speed and accuracy. In a strategic partnership with Google Cloud, 1LMS was previewed in the Indian markets in an event curated for the leading banks and NBFCs earlier in May.
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.”