Lendingkart raises $10 mn via external commercial borrowing from BlueOrchard fund

Prior to this, the company in June 2023, had raised Rs 200 crore in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital

Fintech company LendingKart on May 7 said it has raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.

The company will use the proceeds from the ECBs for onward lending activities for MSMEs, the firm said in a statement.

"At Lendingkart, we see this investment as a testament to our unwavering dedication to support Indian MSMEs," Harshvardhan Lunia, founder and CEO of Lendingkart Group said in the statement.

The company further said that the non-convertible debentures (NCDs) were listed on India International Exchange (IFSC) in GIFT City.

Prior to this, the company in June 2023, had raised Rs 200 crore in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital.

In financial year 2022-23, the company had reported a net profit of Rs 116 crore at a group level, the statement added.