homestartup NewsLentra raises $27 million in Series B funding, eyes global expansion and product enhancements
Lentra raises $27 million in Series B funding, eyes global expansion and product enhancements
Speaking to CNBC-TV18, Sandeep Mathur, Chief Revenue Officer at Lentra, stated that the company has recently established offices in Vietnam and the United States. The primary purpose of raising funds was to facilitate the expansion of teams in these geographies and to develop the next generation of products.
Lentra, a cloud-lending platform based in Bengaluru, has successfully raised $27 million in an extended Series B funding round. The round was led by MUFG Bank and Dharana Capital, with MUFG Bank investing through its Ganesha Investment fund, specifically designed for Indian startups. Lentra plans to utilise the raised capital for product development and expanding its operations into other countries.
Speaking to CNBC-TV18, Sandeep Mathur, Chief Revenue Officer at Lentra, stated that the company has recently established offices in Vietnam and the United States. The primary purpose of raising funds was to facilitate the expansion of teams in these geographies and to develop the next generation of products.
“We have just done a very exciting launch of a loan management system product, which we did a quick preview with some of our clients. So the reason for raising the capital is to use it to grow geographically, as in, put more people on the ground in these markets, as well as build some awesome products.”
Mathur further elaborated on the company's impressive growth rate, stating that Lentra has been doubling its revenue approximately every 10 months. The company expects this trend to continue and even accelerate.
“We expect that trend to continue, in fact, to accelerate. Our near-term goal is that we should hit $60 million of ARR by the end of this fiscal year, March 23, and get to 250 over the next three to four years. So we are on a rapid expansion path, which is why raise the capital, go to all these markets, because it's a very exciting time for us.”
First Published: Jun 7, 2023 7:45 PM IST
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