Citi backs Indian SaaS startup Lentra as it plans to expand internationally

News Summary

  • As of this year, that figure is up to $10 million, and it is projected to hit $100 million in 2024.The Mumbai-based startup works with commercial banks to power their digital loan services.
  • SIG is excited for Lentra’s next phase of growth as it embarks on serving global customers,” said Bhavanipratap Rana, Investment Advisor to SIG.The startup currently has Mumbai as its number one market, followed by Delhi, Chennai and Bengaluru.
  • Venkatesh said that the office in Singapore would become the vehicle for the startup to go into the ASEAN economies.Alongside improving the offering and expanding the business, Lentra has plans to acquire complementary businesses.
  • “As a global bank, we look forward to Lentra scaling their products and platform internationally.”Venkatesh told TechCrunch that Lentra plans to utilize the funding to continue updating its platform, add new features and make it more robust and faster.
  • Yes, banks want to lend more, and to be more accessible to more potential borrowers — hence moving to digital platforms to help them scale and compete better against digital-first offerings.
  • The startup is also set to expand beyond India and establish its business outside the country, starting with three economies in Asia: Indonesia, the Philippines and Vietnam.
India initially made its name in the tech world years ago when it staked out reputation as a key hub for business process outsourcing. Now that legacy has taken a very different turn in fintech with [+6731 chars]