Lendingkart Raised $12 Million in Debt From Stride Ventures 


Lendingkart Raised $12 Million in Debt From Stride Ventures 
Lendingkart Raised $12 Million in Debt From Stride Ventures 
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We are discussing Lendingkart Raised $12 Million in Debt From Stride Ventures:

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 lending platform 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. 

Lendingkart logo
Image source: Facebook

The startup data intelligence platform, The Kredible, reported the post-allotment valuation to be around $690 million. The startup raised over $10 million through external commercial borrowing from a fund under BlueOrchard. The company has 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 nationwide.  

The company reported its operating revenue increased by 33.4%, reaching Rs 858 crore in FY23. The startup also profited Rs 119 crore in the same period. Entrackr reported that the startup plans an Initial Public Offering in FY25. These fresh proceeds will build innovative solutions for market expansion and increase the platform’s performance capability.

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 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. 


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saraseej T

As a passionate and results-driven digital marketer, I specialize in crafting and executing comprehensive digital marketing strategies that drive brand awareness, engage audiences, and deliver measurable results. With a proven track record in creating impactful online campaigns, I thrive on leveraging the latest trends and technologies to elevate brands to new heights.