The Ahmedabad-based company helps unbanked business owners in India get access to loans and lines of credit.
Since 2014, it has provided short-term loans to 12,000 small businesses, but demand is exponentially greater, Inc24 reports.
The latest backing from the government-run State Bank of India will be used to extend Lendingkart’s reach to 950 cities, up from 650 last year.
In June, Lendingkart raised $7.8 million from Yes Bank to expand its loan book.
