MSME lending platform Lendingkart has raised $10 million via external commercial borrowing from a BlueOrchard fund.
The Non-Convertible Debentures were listed on the India International Exchange in GIFT City. Lendingkart is among the first few issuers to leverage the unified depository for issuance of the ISIN for a foreign currency bond, it said in a press release.
“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 democratize access to finance and champion entrepreneurship. We are not just facilitating growth; we are empowering the backbone of our economy,” Harshvardhan Lunia, Founder and CEO of Lendingkart Group said.
“As an MSME finance specialist, Lendingkart will continue to support small and micro businesses to flourish, create jobs, drive economic development, and foster entrepreneurship, thereby contributing to overall socio-economic progress.” It added.
Established in 2014 by Lunia, Lendingkart operates from offices in Ahmedabad, Bengaluru, Mumbai, and Gurugram. The company has raised approximately Rs 1100 crore in equity funding from Investors Fullerton Financial Holding (FFH), a subsidiary of Singapore Sovereign Fund Temasek Holdings, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, among others.
It also raised Rs 200 crore in long-term debt funding from Temasek-backed growth-stage debt financing platform EvolutionX Debt Capital in June 2023.
The online lender reported a profit after tax of Rs 118.81 crore for FY23, marking a turnaround from the loss of Rs 203.36 crore in the previous year.
Revenue from operations rose 29.5% to Rs 798.45 crore in FY23 from Rs 616.41 crore in FY22, as per consolidated financial statements filed with the Registrar of Companies (RoC).
Edited by Affirunisa Kankudti
