Lendingkart raises Rs 75 crore in funding from Triodos Investment; eyes Rs 1,250 Cr borrowings in future

• ByStartupStory     |    July 2, 2022

Lendingkart, a digital lender, raised Rs 50 crore through the private sale of non-convertible debentures (NCDs) with Triodos Investment Management, a development financing institution based in the Netherlands. The fintech, founded in 2014 by Harshvardhan Lunia and Mukul Sachan, offers loans to small and medium businesses (SMBs) for temporary operating capital.

The company board approved the allocation of 500 secured, unlisted, transferable, redeemable NCDs with a face value of Rs 1 lakh totalling Rs 50 crore to Triodos Sicav II – Triodos Microfinance Fund (Rs 35 crore) and Triodos Funds B.V. – Triodos Fair Share Fund (Rs 15 crore), in that order, in a ROC filing dated June 29, 2022. The NCDs were offered on a private placement basis at 11.50 per cent annual interest for a period of up to 72 months, subject to a put option and/or a call option after the expiration of 36 months.

The board also authorised the company to borrow Rs 1,250 crore through any kind of NCDs (private placement) at any time in the future to satisfy financial needs, including those for general business reasons or the repayment of current debt. In November 2021, the resolution for the same was approved. According to reports, the group is seeking further money soon from a wide range of new investors, both domestic and overseas.

Lendingkart Group, a non-deposit-taking NBFC branch of Lendingkart Group, offers short-term working capital loans and other financial products to SME clients. It asserts to have reviewed about 500,000 applications and given out over 1,40,000 loans to over 1,20,000 MSMEs in more than 4,000 cities and towns spread across states. According to Lendingkart, it has given loans totalling more than $1 billion so far.

To date, the group has received over 5,000 crores in debt financing and about 1,050 crores in equity from investors including Fullerton Financial Holdings (a division of Temasek Holdings in Singapore), Saama Capital, Mayfield India, India Quotient, Bertelsmann India Investments, and Sistema Asia Fund.

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