Lentra Raises $27 Million in Series B Extension Led by MUFG Bank and Dharana Capital
- ByStartupStory | June 7, 2023
Cloud lending company Lentra has raised $27 million in an extended Series B funding round. The round was led by MUFG Bank and Dharana Capital. Previously, the software as a service (SaaS) startup had raised $60 million in a Series B round in November 2022, with participation from existing investors Bessemer Venture Partners and SIG Venture Capital, along with Citi Ventures. Prior to the Series B round, HDFC also announced its plan to divest a 3.21% stake worth Rs 54.16 crore in Lentra. This divestment signifies the banking firm’s partial exit from the five-year-old startup.
Lentra, a fintech startup, is dedicated to empowering banks with a comprehensive digital ecosystem. Its platform offers banks ready-to-use third-party API connectors, enabling seamless integration with various data sources. Lentra collaborates with renowned financial institutions, including HDFC Bank, Federal Bank, Standard Chartered, and IDFC First Bank, among others, to deliver cutting-edge solutions.
Lentra, the innovative fintech firm, has expanded its operations beyond India, establishing subsidiaries in Vietnam, Philippines, Indonesia, and the US. In a strategic collaboration with Google Cloud, Lentra has successfully launched its advanced loan management system, 1LMS. This system empowers lenders to efficiently address the requirements of billions of borrowers with heightened speed and accuracy. With a wide range of services catering to over 60 financial institutions, Lentra’s platform has facilitated the processing of more than $27 billion worth of loan applications.
Lentra, as per its annual financial statements, has reported a remarkable 60% surge in operating revenue, reaching Rs 71.53 crore in FY22 from Rs 44.72 crore in the previous fiscal year. However, the company experienced a significant increase in losses, more than doubling to Rs 52 crore from Rs 24.7 crore. Looking ahead, Lentra has set a target of closing FY23 with a revenue of Rs 180 crore. The firm has ambitious plans to onboard 250 banking partners and achieve an annual recurring revenue (ARR) of $250 million (Rs 2,000 crore) by 2027.
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