The company will use the funds to expand its team in Bengaluru and grow its loan book.
Digital lending startup Loanzen that offers loans to small companies in the logistics sector has raised pre-Series A funding from venture capital firm Kae Capital Management.
The company will use the funds to expand its team in Bengaluru and grow its loan book, the startup said in a statement. It didn’t disclose the amount raised.
“What we saw in Loanzen was an opportunity to build a large business in underserved small and medium enterprise credit markets with a blend of technology and operational efficiencies,” said Shubhankar Bhattacharya, venture partner at Kae Capital.
The startup was founded in September 2015 by IIM-Bangalore alumni Madhu Sudan and Venkatesh Sankararaman and Ritesh Kadmawala, a computer science graduate from the University of Southern California.
In February 2016, Loanzen raised an undisclosed amount in seed funding from angel investors through angel network Tracxn Syndicate.