Lendingkart Secures USD 10 Mn via External Commercial Borrowing from a BlueOrchard Fund The fintech platform plans to utilise the money for lending initiatives aimed at micro, small, and medium enterprises.
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A digital lending platform for micro, small, and medium enterprises Lendingkart has announced the raising of USD 10 million via external commercial borrowing from a BlueOrchard fund.
The nonconvertible debentures (NCDs) of Lendingkart are listed on India International Exchange (IFSC) in Gujarat International Finance Tec-City, a hub for finance and IT businesses.
The fintech company plans to utilise the money for lending initiatives aimed at micro, small, and medium enterprises.
Harshvardhan Lunia, Founder and CEO of Lendingkart Group, said, "At Lendingkart, we see this investment as a testament to our unwavering dedication to supporting Indian MSMEs. It is a validation of our mission to democratise access to finance and champion entrepreneurship. We are not just facilitating growth; we are empowering the backbone of our economy."
Founded in 2014 by Harshvardhan Lunia, Lendingkart has offices in Mumbai, Gurugram, Bengaluru, Ahmedabad, and Mumbai.
The platform claims that it has provided loans worth over USD 1.9 billion. It has disbursed more than 280,000 loans across all Indian states and union territories.
In total, investors Fullerton Financial Holding (FFH), a division of Singapore Sovereign Fund Temasek Holdings, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others have contributed almost INR 1100 crore in equity capital to the company.
In June 2023, Temasek-backed growth-stage debt financing platform EvolutionX Debt Capital provided INR 200 crore in long-term loan finance to the company.
