Debt

Debt financing

Lendingkart raises $12-M from Stride Ventures

Startup Story  

Ahmedabad-based digital lending platform Lendingkart has secured INR 100 crore (USD 12 million) in debt and INR 8 crore (almost USD1 million) in equity from Stride Ventures. Lendingkart issued 10,000 non-convertible debentures and 454 Series D5 CCPS to Stride Ventures. The debt is to be received in two installments of INR 50 crore (USD 6 million) each, carrying a coupon rate of 14% per annum. The equity component of the deal values Lendingkart at around USD 690 million.Last month, Lendingkart secured an additional USD 10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. Lendingkart has raised INR 318 crore (USD 38 million) in debt to date, including the latest deal. Cumulatively, it has attracted INR 1,050 crore (USD 126 million) in equity capital from a diverse pool of investors including Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.The company grew by 33.4% in revenue from operations, amounting to INR 858 crore and reported an INR 119 crore in profit during FY 23.