Microlending Startup RedCarpet Gets Fresh Capital

Microlending startup RedCarpet Tech Pvt. Ltd has secured $3.89 million (Rs 26.81 crore at current exchange rates) in a fresh round of funding led by existing investor Lightspeed India Partners.

The venture capital firm contributed $2.09 million (Rs 14.4 crore). While another existing backer, Silicon Valley-based accelerator Y Combinator, put in $234,155 (Rs 1.61 crore), show RedCarpet’s filings with the Ministry of Corporate Affairs. The company raised this sum in January this year.

Moonstone Investments Ltd, an offshore investment entity based on the island of Guernsey near France. It has invested the remaining $1.56 million (Rs 10.79 crore). A report could not immediately ascertain the parentage of Moonstone Investments.

Gurugram-based RedCarpet is currently valued at anywhere between $12 million and $15 million (Rs 82.62-103.28 crore), as per report estimates.

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