Lendingkart, a digital lending platform focused on small and medium enterprises, has successfully raised Rs 100 crore ($12 million) in debt and Rs 8 crore (approximately $1 million) in equity from Stride Ventures. This marks the second significant debt closure by the Ahmedabad-based firm within the past year.
A board resolution passed by Lendingkart authorizes the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS, raising a total of Rs 108 crore or $13 million, as revealed in its regulatory filing accessed from the RoC.
According to the filings, the Temasek-backed company has amassed a total of Rs 318 crore ($38 million) in debt thus far. The debt funding will be disbursed in two tranches of Rs 50 crore ($6 million) each, carrying a coupon rate of 14% per annum.
Startup data intelligence platform TheKredible estimates Lendingkart’s post-allotment valuation to be approximately $690 million. Just 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 including Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.
Lendingkart specializes in disbursing loans with an average ticket size ranging from Rs 5 lakh to Rs 6 lakh to MSME business owners. According to its website, the platform has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.
The company exhibited strong performance in FY23, witnessing a 33.4% growth in revenue from operations, amounting to Rs 858 crore. During the same period, the firm also reported a profit of Rs 119 crore. Annual financial results for FY24 are yet to be filed.
As per media reports, Lendingkart is gearing up for an initial public offering (IPO) next year. The company aims to surpass Rs 10,000 crore in assets under management before going public.