Lendingkart, a premier fintech startup, raised $10 million through external commercial borrowing from a fund run by BlueOrchard (“BlueOrchard”), a major global impact investment manager and Schroder Group member. This money will be used for future loan efforts for MSMEs.
Harshvardhan Lunia, Founder and CEO of Lendingkart Group said, “At Lendingkart, we see this investment as a testament to our unwavering dedication to supporting Indian MSMEs. It is a validation of our mission to democratize access to finance and champion entrepreneurship. We are not just facilitating growth; we are empowering the backbone of our economy. As an MSME finance specialist, Lendingkart will continue to support small and micro businesses to flourish, create jobs, drive economic development, and foster entrepreneurship, thereby contributing to overall socio-economic progress.”
The Non-Convertible Debentures (NCDs) were listed on the India International Exchange (IFSC) in GIFT City, and Lendingkart was among the first few issuers to use the unified depository to issue the ISIN for a foreign currency bond.
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Lendingkart reported a net profit of INR 116 crore for FY23 and secured ₹200 crore in long-term debt finance from EvolutionX Debt Capital in June 2023.
