Add TechGraph on Google
Lentra, a Mumbai-based cloud lending company, has raised $27 million in its extended series B round of funding led by MUFG Bank and Dharana Capital, marking the first joint investment by MUFG Bank and MUFG Innovation Partners Co., Ltd (MUIP), a corporate venture capital under the MUFG Group.
This new capital infusion comes after Lentra raised $60 million in its series B round in November 2022 from its existing investors Bessemer Venture Partners and SIG Venture Capital, along with Citi Ventures.
MUFG Bank, through its Ganesha investment fund for Indian startups, has invested in Lentra, a leading cloud lending platform that empowers financial institutions and non-banking financial institutions (NBFCs).
“This strategic partnership not only demonstrates MUFG Bank’s commitment to supporting digital innovation in India and other geographies but also marks a significant collaboration between the bank and MUIP,” the statement read.
Speaking at the Fundraise, Shashank Joshi, Deputy CEO of MUFG India, stated, “This partnership is a testament to Lentra’s position as the leading Enterprise SaaS (Software as a Service) Platform and its potential to play a transformative role in the evolving digital lending landscape. We are dedicated to being at the forefront of supporting digital innovation in India and expanding its reach to Southeast Asia through synergistic collaboration with Lentra and our strategic partner banks.”
Commenting on the development, Vamsi Duvvuri, Founder & Managing Partner of Dharana Capital said, “We are proud to support Lentra in its mission to become the one-stop ecosystem across the entire lending lifecycle for global financial institutions. Lentra has demonstrated remarkable growth while efficiently utilizing capital, and is well-positioned to leverage digital transformation trends across markets.”
Lentra recently launched its Loan Management System, called 1LMS, designed to meet the needs of billions of borrowers worldwide with accelerated speed and accuracy. The system was previewed in Indian markets in May through a strategic partnership with Google Cloud, attracting leading banks and NBFCs.
“We have rapidly scaled our operations, and this strategic funding round is a significant step towards empowering lenders globally. We are thrilled to welcome MUFG Bank and Dharana Capital to our cap table, joining our esteemed existing investors such as BVP, Citi, HDFC, and SIG,” D Venkatesh, Founder and CEO of Lentra further added.