Four-year-old fintech SaaS startup Lentra AI Pvt Ltd said Monday it has sealed a $60 million (Rs 485 crore) Series B round led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.
Existing backer HDFC separately said it has part-exited Lentra by selling half its 8% holding for Rs 67.7 crore ($8 million). Back-of-the-envelope calculations suggest the deal valued Lentra at a pre-money valuation of around Rs 1,700 crore or over $200 million. However, the company told some media publications that it is now valued at $400 million.
The firm’s revenue climbed from Rs 28 crore to Rs 46 crore between FY20 and FY21. Last year, its revenue rose to Rs 73 crore.
The Pune-based company said it will use the fresh capital to develop products and strengthen its platform besides using some amount for international expansion, especially Southeast Asia and the US.
Founded in 2018, by D Venkatesh and Ankur Handa, Lentra offers third party API connectors to various data sources, which includes pre-configured loan journeys for originations, loan management system, customer intelligence and a no-code Business rules engine (BREx).
It claims to be currently processing over 3 million applications monthly with more than 50 clients in India.
Venkatesh, Founder and CEO at Lentra, said “We see a massive opportunity for ourselves in the retail assets and business banking areas worldwide. At the same time, our clients see us as a source of competitive advantage for their business. Ten-fold revenue growth and some of the biggest retail banks as our clients now, act as markers of our solution architecture.”
Bhavanipratap Rana, Investment Advisor to SIG, “We are excited to support Lentra which was SIG’s first Indian VC investment in 2019. Since SIG’s investment, Lentra has demonstrated superior metrics on revenue retention and grown 20x, while exhibiting strong capital efficiency.”
Everett Leonidas, Director and Asia Pacific Lead Investor for Citi Ventures, added, “Lentra is our first fintech investment in India, and we are very excited about the team’s ability to develop and scale low-friction software solutions for lenders. As a global bank, we look forward to Lentra scaling their products and platform internationally.”
Masterkey was the investment banker in the funding round.