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Lendingkart Secures Rs 100 Crore Debt Funding from Stride Ventures

Ahmedabad-based digital lending platform, Lendingkart, has raised Rs 100 crore ($12 million) in debt and Rs 8 crore ($1 million) in equity from Stride Ventures. This marks the second significant debt closure for Lendingkart within the past year.

The board at Lendingkart has authorized the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS, aiming to raise a total of Rs 108 crore ($13 million), as per regulatory filings from the Registrar of Companies (RoC).

Backed by Temasek, Lendingkart has accumulated Rs 318 crore ($38 million) in debt so far. The new debt will be disbursed in two tranches of Rs 50 crore ($6 million) each, with a 14% annual coupon rate. According to startup data intelligence platform TheKredible, the company’s post-allotment valuation stands at approximately $690 million.

Last month, Lendingkart also secured $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. To date, the company 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 to MSME business owners with an average ticket size of Rs 5 lakh to Rs 6 lakh. According to its website, the platform has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.

In FY23, Lendingkart reported a 33.4% increase in revenue from operations, reaching Rs 858 crore, and posted a profit of Rs 119 crore. The company’s financial results for FY24 are yet to be filed.

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