Digital lending platform Lendingkart, which focuses on small and medium enterprises (SMEs), has raised 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 by the Ahmedabad-based firm in the past year.
A board resolution passed by Lendingkart authorized the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS, raising a total of Rs 108 crore ($13 million), as per regulatory filings accessed from the RoC.
To date, the Temasek-backed company has secured Rs 318 crore ($38 million) in debt. The new debt funding will be disbursed in two tranches of Rs 50 crore ($6 million) each, with a coupon rate of 14% per annum. The valuation of Lendingkart has reached approximately $690 million post-allotment, according to TheKredible.
Last month, Lendingkart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. The company has so far accumulated 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 disburses loans with an average ticket size ranging from Rs 5 lakh to Rs 6 lakh to MSME business owners. According to its website, the company has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.
In FY23, Lendingkart saw its revenue from operations grow by 33.4% to Rs 858 crore, while also posting a profit of Rs 119 crore. The company has yet to file its annual financial results for FY24.
Looking ahead, Lendingkart is planning for an initial public offering (IPO) by next year, targeting to cross Rs 10,000 crore in assets under management before going public.
Source: Entrackr
