Posted by Bangalore: Cloud lending startup Lentra has raised $27 million as a part of its extended Series B round led by MUFG Bank and Dharana Capital. The SaaS startup raised $60 million in a Series B round in November last year from its existing investors Bessemer Venture Partners and SIG Venture Capital, with participation from Citi Ventures.
MUFG Bank, through its Ganesha investment fund for Indian startups, 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.
With this collaboration, both entities are poised to support Lentra in further exploring synergies within the group, including its strategic partner banks in South East Asia.
“This is a testimony to Lentra’s status as the leading enterprise SaaS 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,” said Shashank Joshi, Deputy CEO of MUFG India.
“We are proud to back Lentra in its mission to become the one-stop ecosystem across the entire n a highly capital efficient manner and is well positioned to benefit from the tailwinds of digitisation across markets.” added Vamsi Duvvuri, Founder and Managing Partner, Dharana Capital.
After establishing itself among the leading lending cloud providers in India, Lentra has extended its presence to Vietnam, the Philippines Indonesia and the US by setting up subsidiaries and accelerating GTM (go to market).
Lentra has also launched its Loan management system called 1LMS which enables lenders to fulfil the needs of billions of borrowers with 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.
“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,” said D Venkatesh, Founder and CEO of Lentra.