- The extended Series-B round was led by MUFG Bank and Dharana Capital
- The fastest growing enterprise SaaS company had raised $60mn in Series-B round in November 2022
MUFG Bank, through its Ganesha investment fund for Indian start-ups, has invested in Lentra, a leading cloud lending platform that empowers financial institutions and non-banking financial institutions (NBFCs). 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 the entities are poised to support Lentra to further explore synergies within the Group, including its strategic partner banks in South-east Asia.
Shashank Joshi, Deputy CEO of MUFG India, said “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.”
“We are proud to back Lentra in its mission to become the one-stop ecosystem across the entire lending lifecycle of leading global financial institutions. The Lentra team has scaled the business in a highly capital efficient manner and is well positioned to benefit from the tailwinds of digitization across markets." added Vamsi Duvvuri, Founder and Managing Partner, Dharana Capital.
Having successfully scaled as the fastest growing SaaS, Lending cloud provider in India, Lentra extended its presence to Vietnam, Philippines Indonesia and the US by successfully setting up subsidiaries and accelerating GTM (go to market). Lentra has also successfully completed the launch of its Loan management system called 1LMS that enables lenders to fulfill needs of billions of borrowers at accelerated 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.
D Venkatesh, Founder & CEO, Lentra, “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.”
About Lentra
Founded in 2019, by D Venkatesh and Ankur Handa, Lentra is a Cloud-native platform designed and developed to empower financial institutions with tomorrow’s lending ecosystem, today. With its full-stack, fully digital, secured products and solutions, Lentra is the future of smart, seamless, secure digital lending. The lending cloud platform services more than 60 financial institutions and has processed more than US$27 billion worth of loan applications on its platform. For more information visit https://lentra.ai/
About MUFG and MUIP
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our clients, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.
MUFG Innovation Partners, Inc. (MUIP) is a US$450 Million corporate venture capital firm established by MUFG to invest in fintech-related startups worldwide. For more information, visit https://www.ip.mufg.jp/.
About Dharana Capital:
Dharana Capital is an investment firm with an exclusive focus on making concentrated investments into category-defining technology companies in India and other emerging markets. It is an affiliate of Vy Capital which has technology investments globally in market leaders such as Reddit, Neuralink, Upgrade, Coalition, Zomato and Urban Company.
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