Miguel Cordon · · 1 min readLendingkart secures $10m from BlueOrchard to expand MSME lending capacity
The Lendingkart team / Photo credit: Amazon Web Service
India-based Lendingkart has raised US$10 million through an external commercial borrowing from a fund managed by global impact investment platform BlueOrchard.
The funds will be used for the fintech company’s lending initiatives aimed at micro, small, and medium enterprises.
Lendingkart’s nonconvertible debentures (NCDs) are listed on the India International Exchange (IFSC) in Gujarat International Finance Tec-City, a hub for finance and IT businesses.
Since its establishment in 2014, Lendingkart has provided loans worth over US$1.9 billion. The company has disbursed more than 280,000 loans across all Indian states and union territories. It operates from Ahmedabad, Bengaluru, Mumbai, and Gurugram.
Lendingkart has also developed tools based on data analysis and machine learning algorithms to help it evaluate creditworthiness and provide finance-related services.
The firm reported a net profit of US$13.9 million at the group level for 2023. It also secured roughly US$24 million from EvolutionX Debt Capital in long-term debt funding in June 2023.
One of Lendingkart’s competitors, Kinara Capital, also recenly received US$24.4 million in debt funding from a BlueOrchard fund and Impact Investment Exchange.
See also: Meet the 50 top-funded startups and tech companies in India
Editing by Eileen C. Ang
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