- In the extended Series-B round, MUFG Bank and Dharana Capital took the lead.
- In November 2022, the enterprise SaaS business with the fastest growth raised $60 million in a Series-B financing.
As part of their extended series B round, sponsored by MUFG Bank and Dharana Capital, Lentra, the fastest-growing cloud-lending company, disclosed raising $27 million. On November 22, the software as a service business raised $60 million in a series-B financing from Citi Ventures and its previous backers Bessemer Venture Partners and SIG Venture Capital.
Lentra is an industry-leading cloud lending platform that gives financial institutions and non-banking financial institutions (NBFCs) more authority. MUFG Bank made this investment through its Ganesha investment fund for Indian start-ups. With this transaction, the bank and MUFG Innovation Partners Co., Ltd (MUIP), a corporate venture capital firm within the MUFG Group, make their first joint investment. Together, the two organizations will support Lentra in further exploring group-wide synergies, especially those involving its key partner banks in South-east Asia.
Lentra’s position as the top Enterprise SaaS (Software as a Service) Platform and the transformative role it stands to play in the changing digital lending market are both attested to by Shashank Joshi, Deputy CEO of MUFG India. This agreement confirms our determination to lead the charge in promoting digital innovation in India and its global expansion.
“We are honored to support Lentra in its goal to establish itself as a premier global financial institution’s one-stop ecosystem for the whole lending lifecycle. The Lentra team has developed the business with excellent capital efficiency and is ideally placed to profit from market-wide benefits of digitization. Founder and Managing Partner of Dharana Capital Vamsi Duvvuri was also present.
By effectively establishing subsidiaries and increasing GTM (go to market), Lentra expanded its footprint to Vietnam, the Philippines, Indonesia, and the US after scaling as the fastest-growing SaaS, Lending cloud provider in India. Lentra has also completed the successful introduction of its 1LMS loan management system, which enables lenders to quickly and accurately meet the needs of billions of borrowers. In an event planned for the top banks and NBFCs earlier in May, 1LMS was given a sneak peek in the Indian markets as part of a strategic engagement with Google Cloud.
“We have been scaling at a fast rate, and this extended round is a strategic step towards fueling our ambition of empowering lenders globally,” said D Venkatesh, founder and CEO of Lentra. We are thrilled to welcome MUFG Bank and Dharana Capital to our cap table, joining other notable investors including BVP, Citi, HDFC, and SIG.
About Lentra
Lentra is a cloud-native platform created and developed to give financial institutions access to tomorrow’s lending ecosystem now. It was founded in 2019 by D Venkatesh and Ankur Handa. Lentra is the future of intelligent, seamless, secure digital lending with its full-stack, fully digital, secured products and solutions. More than 60 financial institutions use the lending cloud platform, which has handled loan applications totaling more than US$27 billion. To learn more, go to https://lentra.ai
Regarding MUFG and MUIP
One of the top financial organizations in the world is Mitsubishi UFJ Financial Group, Inc. (MUFG). With its global headquarters in Tokyo and more than 360 years of history, MUFG has over 2,100 locations spread across more than 50 nations. The Group, which employs around 160,000 people, provides a range of services, including leasing, asset management, commercial banking, trust banking, securities, and consumer finance. The Group’s mission is to “be the world’s most trusted financial group” by working closely with all of its operational firms, being responsive to all of its clients’ financial requirements, supporting the community, and promoting shared, sustainable growth for a better world. On the Tokyo, Nagoya, and New York stock markets, MUFG shares are traded. Visit https://www.mufg.jp/english for further details.
A US$450 million corporate venture capital business called MUFG Innovation Partners, Inc. (MUIP) was founded by MUFG to make investments in fintech-related startups all around the world. Please visit https://www.ip.mufg.jp for further details.
Concerning Dharana Capital:
Investing in category-defining technology companies in India and other emerging countries is the only focus of Dharana Capital, an investment company. It is a subsidiary of Vy Capital, which invests in leading technology companies like Reddit, Neuralink, Upgrade, Coalition, Zomato, and Urban Company on a global scale.
