Lendingkart is a Digital lending platform for small and medium enterprises. The startup has raised  over $12 million in debt and $1 million in equity in a funding round led by Stride Ventures. This is the  second-biggest debt closure from the startup. The company offers an online platform to lend loans at  affordable interest rates and easy EMI options. 

The board at the startup has approved a resolution to allot 10,000 non-convertible debentures and  454 series D5 CCPS at an undisclosed issue price to raise $13 million. These fresh proceeds will be  used to scale up operations, enhance the platform, meet market demand, and for working capital  purposes. The startup is based in Ahmedabad and is backed by Temasek. The company has raised  $38 million in debt to date. The deal was made to receive the debt in two rounds of $6 million each  with a coupon rate of 14% per annum. 

The startup data intelligence platform, The Kredible reported the post-allotment valuation to be  around $690 million. The startup previously raised more than $10 million through external  commercial borrowing from a fund under BlueOrchard. Lendingkarthas more than $126 million in  equity capital from its existing investors including Bertelsmann, Fullerton, Saama Capital, Mayfield  India, Sistema Asia, and India Quotient. The startup claims to have disbursed over Rs 18,700 crore  loans to more than 300,000 businesses in 4,100 cities across the country.  

The company reported its operating revenue to have increased by 33.4% reaching the Rs 858 crore  mark in FY23. Lendingkart also had a profit of Rs 119 crore in the same period. Entrackr reported that  the startup is planning for an Initial Public Offering in FY25. These fresh proceeds will be used to  build innovative solutions for market expansion and to increase the performance capability of the platform.

Conclusion: 

A digital lending platform, LendingKart secured funding of $12 million in its debt from Stride  Ventures. The round had participation from various new and existing investors including Saama  Capital, Bertelsmann, and more. The firm raised 12 million in debt and 1 million in equity from Stride  Ventures. The board at the startup has approved a resolution to allot 10,000 non-convertible  debentures and 454 series D5 CCPS at an undisclosed issue price to raise $13 million. The fund will  be used to strengthen the platform and meet market needs.

The start-up offers an online platform to  lend business loans and working capital loans. The company intends to use this amount to scale up  its infrastructure, expand to the global market, and advance its technology. LendingKart has secured  a total of $38 million in debt to date. This investment shows the trust of its investors in the startup’s  market potential and business model. The startup has disbursed over Rs 18,700 crore in loans to  300,000 businesses in 4,100 cities in India.