Digital lending platform Lendingkart, which caters to small and medium-sized businesses, has obtained debt of Rs 100 crore ($12 million) and equity of Rs 8 crore (almost $1 million) from Stride Ventures.
According to Lendingkart’s regulatory filing obtained from the RoC, the company’s board has decided to offer 10,000 non-convertible debentures and 454 Series D5 CCPS in order to raise Rs 108 crore, or $13 million.
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LendingKart raised $10 million via external commercial borrowing (ECBs) from a BlueOrchard fund as recently as last month.Entrackr was the first to report on the development.
Lendingkart has captured the equity capital of investors such as Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient, totaling Rs 1,050 crore ($126 million).
MSME business owners can apply for loans from Lendingkart, with an average ticket size of Rs 5 lakh to Rs 6 lakh. On its website, it states that it has given more than Rs 18,700 crore to more than 300,000 companies located in 4,100 cities.
About Lendingkart
Founded in 2014 by Harshvardhan Lunia, Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so that they can focus on business instead of worrying about the gaps in their cash-flows.
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