Lentra raises USD 27 million from MUFG Bank, Dharana Capital

PTI | New Delhi | Updated: 07-06-2023 19:23 IST | Created: 07-06-2023 19:23 IST
Lentra raises USD 27 million from MUFG Bank, Dharana Capital

Fintech firm Lentra on Wednesday said it raised USD 27 million in a funding round led by MUFG Bank and Dharana Capital.

The software as a service startup had raised USD 60 million during the last funding round on November 22 led by its existing investors Bessemer Venture Partners, SIG Venture Capital and Citi Ventures.

Lentra in a statement announced ''raising of USD 27 Million as a part of their extended series B round led by MUFG Bank and Dharana Capital''.

MUFG Bank, through its Ganesha investment fund for Indian startups, has invested in Lentra.

''We have been scaling at a fast pace and this extended round is a strategic step towards fuelling 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,'' Lentra founder and CEO D Venkatesh said.

This deal marks the first joint investment by the bank and MUFG Innovation Partners, 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,'' the statement said.

Lentra has extended its presence beyond India to Vietnam, Philippines Indonesia and the US.

''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,'' MUFG India Deputy CEO Shashank Joshi said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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