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Ahmedabad-based digital lending platform Lendingkart has raised Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity from Stride Ventures.
The board of Lendingkart passed a resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS, aiming to raise a total of Rs 108 crore or $13 million, Entrackr reported.
How is the debt structured?
The regulatory filings accessed from the Registrar of Companies (RoC) show that Lendingkart will receive the debt in two tranches of Rs 50 crore ($6 million) each. This debt will carry a coupon rate of 14% per annum.
To date, the firm has raised Rs 318 crore ($38 million) in debt. According to startup data intelligence platform TheKredible, Lendingkart's post-allotment valuation is approximately $690 million.
Backing from notable investors
Lendingkart is backed by notable investors, including Temasek, Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient. So far, It has raised around Rs 1,050 crore in equity capital.
Earlier last month, Ahmedabad-based also raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.
What Are the Company's Financials and Market Reach?
Founded in 2014, Lendingkart provides loans to small and medium enterprises (SMEs). It disburses loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSME business owners.
According to its website, Lendingkart has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.
In FY23, Lendingkart's revenue from operations grew by 33.4% to Rs 858 crore, and the firm posted a profit of Rs 119 crore during the same period.
What Are the Future Plans?
According to media reports, Lendingkart plans to go public with an initial public offering (IPO) by next year. The firm aims to cross Rs 10,000 crore in assets under management before making its public debut, reflecting its ambitious growth plans.