Lendingkart Secures Funding Boost from Stride Ventures

Lendingkart, a leading digital lending platform focused on small and medium enterprises (SMEs), has secured a significant funding boost from Stride Ventures. The investment includes Rs 100 crore ($12 million) in debt and Rs 8 crore (nearly $1 million) in equity. This marks Lendingkart’s second major debt closure within the past year, signifying the company’s strong financial standing.

Increased Capitalization Fuels Growth

The company plans to utilize the funds to further expand its lending operations and support the growth of SMEs across India. Lendingkart’s board has approved the issuance of debt instruments and convertible equity to raise a total of Rs 108 crore ($13 million). This latest funding round adds to the Rs 318 crore ($38 million) in debt already raised by the company, bringing its total debt funding to date to Rs 418 crore ($50 million).

Solid Track Record and Performance

Lendingkart has established itself as a prominent player in the Indian fintech landscape. The company boasts a strong investor base, having secured Rs 1,050 crore ($126 million) in equity capital from renowned investors like Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.

Focus on Empowering SMEs

Lendingkart caters specifically to the financial needs of SMEs, offering loans with an average ticket size ranging from Rs 5 lakh to Rs 6 lakh. The company has played a vital role in empowering entrepreneurs by disbursing over Rs 18,700 crore in loans to more than 300,000 businesses across 4,100 cities in India.

Financial Strength and Future Plans

Lendingkart’s financial performance in FY23 reflects its stability and growth potential. The company witnessed a significant 33.4% increase in revenue from operations, reaching Rs 858 crore. Additionally, it reported a profit of Rs 119 crore during the same period. With a successful track record and ambitious plans for the future, Lendingkart is well-positioned to achieve its goal of exceeding Rs 10,000 crore in assets under management before going public. As per media reports, an initial public offering (IPO) is a possibility within the next year.