Lendingkart, a digital lending platform for small and medium enterprises, has secured Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures. This marks the second significant debt closure for the Ahmedabad-based company in the past year.
The board at Lendingkart has approved the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs 108 crore ($13 million), according to regulatory filings accessed from the RoC.
The Temasek-backed firm has raised a total of Rs 318 crore ($38 million) in debt to date. The recent debt funding will be received in two tranches of Rs 50 crore ($6 million) each, with an annual interest rate of 14%.
According to TheKredible, a startup data intelligence platform, the company’s valuation has reached approximately $690 million post-allotment.
Last month, Lendingkart secured $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.
To date, Lendingkart has raised Rs 1,050 crore ($126 million) in equity capital from investors such as Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.
Lendingkart provides loans with an average size of Rs 5 lakh to Rs 6 lakh to MSME business owners. According to its website, it has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.
In FY23, Lendingkart’s revenue from operations grew by 33.4% to Rs 858 crore, and the company posted a profit of Rs 119 crore. The annual financial results for FY24 are yet to be filed.
According to a media report, Lendingkart is planning an initial public offering (IPO) next year, aiming to surpass Rs 10,000 crore in assets under management before going public.